HUAWEI released on Sunday its audited financial results for 2016, reporting that its Carrier, Enterprise, and Consumer business groups (BGs) each achieved solid year-on-year growth. Group annual revenue was $75.1 billion, an increase of 32% over 2015. Net profits were $5.3 billion, an increase of 0.4%. In 2016, Huawei continued to invest in the future, with the company's annual spending on research and development reaching $11 billion. Eric Xu, Huawei Rotating CEO, said "in 2016, Huawei maintained its strategic focus and achieved solid growth. As humanity continues to explore and make new breakthroughs in the digital world, digitization and increasing intelligence present huge business opportunities for all industries, and are also paving the road for new growth for the ICT industry. We will stay customer-centric and will support digital transformation in all industries, in order to create value for our customers and to grow sustainably." In 2016, Huawei's Carrier BG generated $41.8 billion in revenue, an increase of 24% year-on-year. This was achieved by focusing on digital transformation and leveraging major opportunities in cloud, video, the Internet of Things, and operations transformation for carrier customers. Working in close collaboration with its partners, Huawei's Enterprise BG delivered ICT infrastructure to support the digital transformation of key vertical industries, including finance, energy, government bodies, and public safety. This business generated CNY40.7 billion ($5.9 billion) in annual revenue, an increase of 47%. Huawei's Consumer BG annual revenue reached US $ 25.9 billion, an increase of 44%, while the group shipped 139 million smartphones last year. This year, following the launch of the new P10 Plus and P10 phones worldwide and also in Saudi Arabia, the two Sabrina Meng, Huawei's CFO, noted: "Huawei was operationally healthy in 2016, with ample cash reserves, a solid and sustainable capital structure, and high resilience against risk. In 2017, we will continue to boost the efficiency and quality of our operations to ensure solid growth."
