China’s currency is sending a warning signal about the trade war

China’s currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it’s signaling that things aren’t going well. “Obviously, the trade shock we’re now discussing is a full blown trade war, so it’s obviously a very serious scenario. CNBC reported Friday that trade talks between the two countries appear to have stalled, and the next round of talks have not yet been scheduled. “They’ll do in a couple of ways, partly through intervention, partly through draining


China’s currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it’s signaling that things aren’t going well. “Obviously, the trade shock we’re now discussing is a full blown trade war, so it’s obviously a very serious scenario. CNBC reported Friday that trade talks between the two countries appear to have stalled, and the next round of talks have not yet been scheduled. “They’ll do in a couple of ways, partly through intervention, partly through draining
China’s currency is sending a warning signal about the trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: patti domm
Keywords: news, cnbc, companies, chinas, market, currency, yuan, chinese, china, talks, signal, trade, officials, trump, sending, warning, nordvig, war


China's currency is sending a warning signal about the trade war

China’s currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it’s signaling that things aren’t going well.

The question is whether that signal is intentional, and whether Chinese officials will step in to prevent the yuan from reaching a key psychological low of 7 to the dollar. That level has become a line in the sand for markets around the world, and if broken, it could trigger a negative reaction in risk markets globally, as investors move to price in a bigger economic impact from a longer, more contentious trade war.

The yuan has been fairly stable this year, as the U.S. and China carried on trade talks. But since President Donald Trump tweeted about new tariffs May 5, the onshore yuan or CNY, has lost 2.7% against the U.S. dollar.

“Obviously, the trade shock we’re now discussing is a full blown trade war, so it’s obviously a very serious scenario. Then we have this negotiations period, where it could be averted and that doesn’t seem to be very good at all,” said Jens Nordvig, CEO of Exante Data. “It’s also unclear whether the Chinese officials want to fight hard to keep the currency stable. That’s a question mark that came in today.”

The onshore currency, or CNH, which trades in Hong Kong and is more impacted by international traders, hit a high of 6.945, while the onshore yuan, more controlled by the central bank, was just above 6.91 Friday. Nordvig said unlike other sessions, there was no sign Friday that the People’s Bank of China tried to stem the decline.

Also unclear was whether it was an intentional action, and Chinese officials were responding to trade tensions and the U.S. action this week blocking telecom firm Huawei from buying U.S. components.

CNBC reported Friday that trade talks between the two countries appear to have stalled, and the next round of talks have not yet been scheduled.

A weaker yuan has been a source of friction between China and the U.S. for years. Trump, in the past, had accused China of intentionally weakening its currency, hurting the U.S. as a result. If China does allow its currency to weaken, its exports would become more attractive, but strategists say Beijing would then worry about capital flight and it would probably not want to risk that.

“The market is testing the central bank’s resolve to defend the 7 lever,” said Marc Chandler, global market strategist at Bannockburn Global Forex. “They’ll do in a couple of ways, partly through intervention, partly through draining liquidity, raising the cost of being short the Chinese currency. They can do this in the domestic money market and in the domestic Hong Kong market.”

Nordvig said the message the yuan is sending is not like the positive comments about the trade talks that U.S. officials like Treasury Secretary Steve Mnuchin or White House top economist Larry Kudlow have made.

“It looks like they’re not even being invited to China. If there’s no talks ahead of Trump and [President Xi Jinping] meeting in Osaka, then the meeting becomes binary and very risky,” said Nordvig. Trump and Xi are expected to meet on the sidelines of the G-20 meeting June 28.

“It would be very different if Mnuchin makes some progress on some chapters here in the next couple of weeks. If that doesn’t happen we come close to the cliff,” said Nordvig, adding the question is whether Chinese officials are going to hold the currency up.”

Strategists say the yuan current weakness is due to a strengthening dollar and trade war concerns, which in turn are prodding Chinese authorities to consider more monetary and fiscal policy moves.

“It’s selling off on expectations of easier monetary policy and apparently no trade talks. China says we haven’t invited the U.S. back,” said Chandler, adding he expects the currency to challenge the 7 level soon.

“I think we’ll test it. We’ll test Chinese resolve. It will become more of a concern that it will be an inflection point if the CNY or CNH get to 7. It will have a ripple effect on the markets. It will be another source of instability. Another rubicon has been crossed,” he said.

Adam Cole, head of G-10 foreign exchange strategy at RBC, said reports that unnamed Chinese officials said the PBOC would not let the currency trade through 7 suggests that such a move won’t happen soon. But he said the yuan could breach those levels in the future.

“Longer term, with the dollar generally going up against everything, I think that constraint becomes nonbinding,” Cole said. He said the dollar’s rise has to do with monetary policy positioning, cyclicality and the fact that the U.S. economy looks stronger than the rest of the world.

China has been reducing its holdings of Treasurys, which some say could be a warning to the U.S. But Cole said he does not believe China, the largest holder of Treasurys, would bail out of the market in a big way.

“That’s an ongoing concern. Like most people,we think the risk of China going through a sudden liquidation and allocation out of Treasurys is unlikely. That would be a case of cutting off your nose to spite your face, given how much China has to lose,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: patti domm
Keywords: news, cnbc, companies, chinas, market, currency, yuan, chinese, china, talks, signal, trade, officials, trump, sending, warning, nordvig, war


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China is letting its currency decline in a ‘snub’ to Trump, ING says

China has started letting the yuan weaken slightly in a pointed “snub” to U.S. President Donald Trump, Dutch bank ING said in a report. Different U.S. administrations have long claimed China derives unfair export price advantages by keeping the yuan artificially weak, a charge Beijing denies. Still, the United States has refrained from officially labeling China a “currency manipulator.” ING said the yuan has been moving much more narrowly in the past two months as the People’s Bank of China, the


China has started letting the yuan weaken slightly in a pointed “snub” to U.S. President Donald Trump, Dutch bank ING said in a report. Different U.S. administrations have long claimed China derives unfair export price advantages by keeping the yuan artificially weak, a charge Beijing denies. Still, the United States has refrained from officially labeling China a “currency manipulator.” ING said the yuan has been moving much more narrowly in the past two months as the People’s Bank of China, the
China is letting its currency decline in a ‘snub’ to Trump, ING says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: kelly olsen
Keywords: news, cnbc, companies, weaken, letting, bank, currency, china, trump, chinese, snub, yuan, ing, weak, weakened, decline, months


China is letting its currency decline in a 'snub' to Trump, ING says

China has started letting the yuan weaken slightly in a pointed “snub” to U.S. President Donald Trump, Dutch bank ING said in a report.

Different U.S. administrations have long claimed China derives unfair export price advantages by keeping the yuan artificially weak, a charge Beijing denies. Still, the United States has refrained from officially labeling China a “currency manipulator.”

Though Chinese authorities have loosened controls over the years, the yuan is still tightly managed and allowed to trade within a narrow band of 2 percent either side of a daily fixed point.

ING said the yuan has been moving much more narrowly in the past two months as the People’s Bank of China, the central bank, has emphasized “stability” in currency policy.

But the Chinese currency, also known as the renminbi, weakened against the dollar by 0.2 percent in March, and by 0.3 percent so far in April, ING said on Monday in the report. That compares with the yuan strengthening by 2.45 percent in first two months of the year, it added.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: kelly olsen
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Huawei says its first-quarter revenue jumped 39% despite political pressure

Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure. The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signe


Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure. The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signe
Huawei says its first-quarter revenue jumped 39% despite political pressure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: arjun kharpal, lluis gene, afp, getty images
Keywords: news, cnbc, companies, revenue, 2019, unprecedented, pressure, firstquarter, yuan, yearonyear, political, world, 39, jumped, growth, 5g, despite, huawei, billion


Huawei says its first-quarter revenue jumped 39% despite political pressure

Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure.

The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. The company said it shipped 59 million smartphones in the first quarter.

Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signed 40 commercial contracts for 5G with leading global carriers. 5G refers to the fifth generation of mobile networks that promises super-fast data speeds with the ability to support new technologies like driverless cars.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: arjun kharpal, lluis gene, afp, getty images
Keywords: news, cnbc, companies, revenue, 2019, unprecedented, pressure, firstquarter, yuan, yearonyear, political, world, 39, jumped, growth, 5g, despite, huawei, billion


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Huawei says its first-quarter revenue jumped 39% despite political pressure

Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure. The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signe


Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure. The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signe
Huawei says its first-quarter revenue jumped 39% despite political pressure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: arjun kharpal, lluis gene, afp, getty images
Keywords: news, cnbc, companies, 2019, jumped, billion, political, firstquarter, yearonyear, despite, pressure, unprecedented, yuan, growth, revenue, 5g, 39, huawei, world


Huawei says its first-quarter revenue jumped 39% despite political pressure

Huawei reported a 39 percent year-on-year increase in first-quarter revenue on Monday as it continues to see growth despite continued political pressure.

The Chinese networking equipment maker said revenue totaled 179.7 billion yuan ($26.8 billion) for the first three months of 2019. The company said it shipped 59 million smartphones in the first quarter.

Huawei said in a press release that 2019 “will be a year of large-scale deployment of 5G around the world” and its carrier business “has unprecedented opportunities for growth.” By the end of March, Huawei had signed 40 commercial contracts for 5G with leading global carriers. 5G refers to the fifth generation of mobile networks that promises super-fast data speeds with the ability to support new technologies like driverless cars.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: arjun kharpal, lluis gene, afp, getty images
Keywords: news, cnbc, companies, 2019, jumped, billion, political, firstquarter, yearonyear, despite, pressure, unprecedented, yuan, growth, revenue, 5g, 39, huawei, world


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Zoom rocketed 72% on first day of trading

Videoconferencing software company Zoom made its debut Thursday on the Nasdaq under the ticker symbol “ZM,” surging 80% to $65 and closing out the day up 72% at $62. At that price Zoom had a stock market value of $15.9 billion. Zoom is among a growing crop of tech companies going public in 2019, but with a twist: it’s profitable. After filing to go public on March 22, Zoom estimated two weeks later that it would price shares in the range of $28 to $32. Zoom CEO Eric Yuan said of IPO roadshow con


Videoconferencing software company Zoom made its debut Thursday on the Nasdaq under the ticker symbol “ZM,” surging 80% to $65 and closing out the day up 72% at $62. At that price Zoom had a stock market value of $15.9 billion. Zoom is among a growing crop of tech companies going public in 2019, but with a twist: it’s profitable. After filing to go public on March 22, Zoom estimated two weeks later that it would price shares in the range of $28 to $32. Zoom CEO Eric Yuan said of IPO roadshow con
Zoom rocketed 72% on first day of trading Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: jordan novet, source
Keywords: news, cnbc, companies, rocketed, public, day, zoom, weeks, week, range, yuan, price, 32, trading, 72, zm, company


Zoom rocketed 72% on first day of trading

Videoconferencing software company Zoom made its debut Thursday on the Nasdaq under the ticker symbol “ZM,” surging 80% to $65 and closing out the day up 72% at $62.

At that price Zoom had a stock market value of $15.9 billion. Zoom is among a growing crop of tech companies going public in 2019, but with a twist: it’s profitable.

After filing to go public on March 22, Zoom estimated two weeks later that it would price shares in the range of $28 to $32. Zoom increased the range to between $32 and $35 this week, and on Wednesday it priced above the top of that range, valuing the company at $9.2 billion.

“This was a common question … ‘Why do you focus on profitability?'” Zoom CEO Eric Yuan said of IPO roadshow conversations in an interview with CNBC on Thursday.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: jordan novet, source
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Zoom CEO Eric Yuan worth $3 billion after IPO

Not even Eric Yuan’s closest friends, oldest advisers and earliest investors thought Zoom needed to exist. It was 2011, and the market was littered with videoconferencing systems from Google, Skype, GoToMeeting and Cisco, where Yuan had been leading WebEx’s engineering team. Following Zoom’s stock market debut on Thursday, the company is valued at $15.9 billion. Thousands of businesses use Zoom’s software, with many taking advantage of the free product alongside 344 companies that pay over $100,


Not even Eric Yuan’s closest friends, oldest advisers and earliest investors thought Zoom needed to exist. It was 2011, and the market was littered with videoconferencing systems from Google, Skype, GoToMeeting and Cisco, where Yuan had been leading WebEx’s engineering team. Following Zoom’s stock market debut on Thursday, the company is valued at $15.9 billion. Thousands of businesses use Zoom’s software, with many taking advantage of the free product alongside 344 companies that pay over $100,
Zoom CEO Eric Yuan worth $3 billion after IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: ari levy, kena betancur, getty images, source, -santi subotovsky, partner at emergence capital, zoom investor
Keywords: news, cnbc, companies, software, eric, stock, ipo, free, market, worth, zooms, yuan, zoom, ceo, billion, company, videoconferencing


Zoom CEO Eric Yuan worth $3 billion after IPO

Not even Eric Yuan’s closest friends, oldest advisers and earliest investors thought Zoom needed to exist. It was 2011, and the market was littered with videoconferencing systems from Google, Skype, GoToMeeting and Cisco, where Yuan had been leading WebEx’s engineering team.

“He came to a market that everybody said was done,” said Dan Scheinman, Cisco’s former head of corporate development who’s now an angel investor and Zoom board member. “He was competing with free and some pretty big incumbents.”

Yuan, who emigrated from China to Silicon Valley in 1997 at age 27, says the problem with those products is that nobody enjoys using them, adding that the buggy code he wrote for WebEx two decades ago is still running today. As a software engineer with multiple patents related to real-time collaboration, he also knew that our smartphones and tablets could do so much more with videoconferencing than what was available.

So Yuan ignored the skeptics and instead listened to users. His wager is paying off.

Following Zoom’s stock market debut on Thursday, the company is valued at $15.9 billion. The stock climbed 72% in its first day of trading to $62, after the company raised $356.8 million in its IPO.

Zoom’s rich valuation — about 48 times sales — is a reflection of 118% revenue growth in 2018 coupled with an unusual quality for an emerging software company: profit. Thousands of businesses use Zoom’s software, with many taking advantage of the free product alongside 344 companies that pay over $100,000 a year.

Yuan, who owns 20% of the shares, is tech’s newest billionaire, with a stake worth about $2.9 billion.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: ari levy, kena betancur, getty images, source, -santi subotovsky, partner at emergence capital, zoom investor
Keywords: news, cnbc, companies, software, eric, stock, ipo, free, market, worth, zooms, yuan, zoom, ceo, billion, company, videoconferencing


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A Bill Gates speech inspired Zoom founder to start an internet business—now he’s a billionaire

In 1994, Yuan was just out of college and working in Japan for a few months at the same time that Gates was in that country to give a speech. The talk reignited something in Yuan that he had been thinking about for a few years already. He’d first thought of the idea for a videoconferencing company as a college freshman in China in 1987. Yuan spent those train rides daydreaming about ways he could see his girlfriend without making such a long journey. And every day I thought about that,” Yuan say


In 1994, Yuan was just out of college and working in Japan for a few months at the same time that Gates was in that country to give a speech. The talk reignited something in Yuan that he had been thinking about for a few years already. He’d first thought of the idea for a videoconferencing company as a college freshman in China in 1987. Yuan spent those train rides daydreaming about ways he could see his girlfriend without making such a long journey. And every day I thought about that,” Yuan say
A Bill Gates speech inspired Zoom founder to start an internet business—now he’s a billionaire Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: tom huddleston jr, victor j blue, bloomberg via getty images
Keywords: news, cnbc, companies, billionaire, company, speech, zoom, start, internet, yuan, videoconferencing, train, remembers, hes, gates, inspired, thought, talk, founder, businessnow


A Bill Gates speech inspired Zoom founder to start an internet business—now he's a billionaire

When Eric Yuan was in his early 20s, he heard a speech from then-Microsoft CEO Bill Gates about the promise of the internet, and Yuan decided he wanted to move from China to the US to be a part of the Silicon Valley tech boom.

Today, Yuan is the 49-year-old founder and CEO of videoconferencing cloud software company Zoom, which debuted on the Nasdaq exchange on Thursday in an IPO that currently values the company at more than $16 billion.

In 1994, Yuan was just out of college and working in Japan for a few months at the same time that Gates was in that country to give a speech. At the time, Gates was in his late 30s himself, and Microsoft was still a year away from releasing its Internet Explorer web browser as part of the Windows 95 operating system.

In an interview with GGV Capital last year, Yuan simply remembers that he was “inspired by this speech” that Gates delivered in Japan on the future of the internet, which was then not yet as ubiquitous as it is today.

The talk reignited something in Yuan that he had been thinking about for a few years already. He’d first thought of the idea for a videoconferencing company as a college freshman in China in 1987. Yuan and his girlfriend (now his wife) lived in different cities and he had to take a 10-hour train ride each way just to see her.

Yuan spent those train rides daydreaming about ways he could see his girlfriend without making such a long journey. He remembers telling her, “Someday, if I can have a smart device and with just one click I can talk with you, can see you.’ That was my daydream, right? And every day I thought about that,” Yuan says in the GGV Capital interview.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: tom huddleston jr, victor j blue, bloomberg via getty images
Keywords: news, cnbc, companies, billionaire, company, speech, zoom, start, internet, yuan, videoconferencing, train, remembers, hes, gates, inspired, thought, talk, founder, businessnow


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Zoom rocketed 72% on first day of trading

Videoconferencing software company Zoom made its debut Thursday on the Nasdaq under the ticker symbol “ZM,” surging 80% to $65 and closing out the day up 72% at $62. At that price Zoom had a stock market value of $15.9 billion. Zoom is among a growing crop of tech companies going public in 2019, but with a twist: it’s profitable. After filing to go public on March 22, Zoom estimated two weeks later that it would price shares in the range of $28 to $32. Zoom CEO Eric Yuan said of IPO roadshow con


Videoconferencing software company Zoom made its debut Thursday on the Nasdaq under the ticker symbol “ZM,” surging 80% to $65 and closing out the day up 72% at $62. At that price Zoom had a stock market value of $15.9 billion. Zoom is among a growing crop of tech companies going public in 2019, but with a twist: it’s profitable. After filing to go public on March 22, Zoom estimated two weeks later that it would price shares in the range of $28 to $32. Zoom CEO Eric Yuan said of IPO roadshow con
Zoom rocketed 72% on first day of trading Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: jordan novet, source
Keywords: news, cnbc, companies, rocketed, public, day, zoom, weeks, week, range, yuan, price, 32, trading, 72, zm, company


Zoom rocketed 72% on first day of trading

Videoconferencing software company Zoom made its debut Thursday on the Nasdaq under the ticker symbol “ZM,” surging 80% to $65 and closing out the day up 72% at $62.

At that price Zoom had a stock market value of $15.9 billion. Zoom is among a growing crop of tech companies going public in 2019, but with a twist: it’s profitable.

After filing to go public on March 22, Zoom estimated two weeks later that it would price shares in the range of $28 to $32. Zoom increased the range to between $32 and $35 this week, and on Wednesday it priced above the top of that range, valuing the company at $9.2 billion.

“This was a common question … ‘Why do you focus on profitability?'” Zoom CEO Eric Yuan said of IPO roadshow conversations in an interview with CNBC on Thursday.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: jordan novet, source
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Huawei tops $100 billion revenue for first time despite political headwinds

Huawei’s revenue grew 19.5 percent in 2018, surpassing $100 billion for the first time, despite continuing political headwinds from around the world. Sales came in at 721.2 billion yuan ($107.13 billion) last year. Net profit reached 59.3 billion yuan, higher by 25.1 percent compared to a year ago. Sales in its carrier business, which is its core networking equipment arm, reached 294 billion yuan, slightly below the 297.8 billion yuan recorded in 2017. The real driver of growth was the consumer


Huawei’s revenue grew 19.5 percent in 2018, surpassing $100 billion for the first time, despite continuing political headwinds from around the world. Sales came in at 721.2 billion yuan ($107.13 billion) last year. Net profit reached 59.3 billion yuan, higher by 25.1 percent compared to a year ago. Sales in its carrier business, which is its core networking equipment arm, reached 294 billion yuan, slightly below the 297.8 billion yuan recorded in 2017. The real driver of growth was the consumer
Huawei tops $100 billion revenue for first time despite political headwinds Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: arjun kharpal, elizabeth schulze
Keywords: news, cnbc, companies, huawei, huaweis, business, 100, tops, despite, slightly, revenue, yuan, headwinds, reached, political, net, billion, profit


Huawei tops $100 billion revenue for first time despite political headwinds

Huawei’s revenue grew 19.5 percent in 2018, surpassing $100 billion for the first time, despite continuing political headwinds from around the world.

Sales came in at 721.2 billion yuan ($107.13 billion) last year. Net profit reached 59.3 billion yuan, higher by 25.1 percent compared to a year ago. The revenue growth was faster than that seen in 2017, but the net profit rise was slightly slower.

Huawei’s numbers are a bright spot for the firm, which has faced intense political pressure. The U.S. government has raised concerns that Huawei’s network gear could be used by the Chinese government for espionage. Huawei has repeatedly denied those allegations.

Sales in its carrier business, which is its core networking equipment arm, reached 294 billion yuan, slightly below the 297.8 billion yuan recorded in 2017.

The real driver of growth was the consumer business, with revenue for that division rising 45.1 percent year-on-year to reach 348.9 billion yuan. For the first time, consumer business is now the biggest share of Huawei’s revenue.


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: arjun kharpal, elizabeth schulze
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Huawei tops $100 billion revenue for first time despite political headwinds

Huawei’s revenue grew 19.5 percent in 2018, surpassing $100 billion for the first time, despite continuing political headwinds from around the world. Sales came in at 721.2 billion yuan ($107.13 billion) last year. Net profit reached 59.3 billion yuan, higher by 25.1 percent compared to a year ago. Sales in its carrier business, which is its core networking equipment arm, reached 294 billion yuan, slightly below the 297.8 billion yuan recorded in 2017. The real driver of growth was the consumer


Huawei’s revenue grew 19.5 percent in 2018, surpassing $100 billion for the first time, despite continuing political headwinds from around the world. Sales came in at 721.2 billion yuan ($107.13 billion) last year. Net profit reached 59.3 billion yuan, higher by 25.1 percent compared to a year ago. Sales in its carrier business, which is its core networking equipment arm, reached 294 billion yuan, slightly below the 297.8 billion yuan recorded in 2017. The real driver of growth was the consumer
Huawei tops $100 billion revenue for first time despite political headwinds Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: arjun kharpal, elizabeth schulze
Keywords: news, cnbc, companies, huawei, huaweis, business, 100, tops, despite, slightly, revenue, yuan, headwinds, reached, political, net, billion, profit


Huawei tops $100 billion revenue for first time despite political headwinds

Huawei’s revenue grew 19.5 percent in 2018, surpassing $100 billion for the first time, despite continuing political headwinds from around the world.

Sales came in at 721.2 billion yuan ($107.13 billion) last year. Net profit reached 59.3 billion yuan, higher by 25.1 percent compared to a year ago. The revenue growth was faster than that seen in 2017, but the net profit rise was slightly slower.

Huawei’s numbers are a bright spot for the firm, which has faced intense political pressure. The U.S. government has raised concerns that Huawei’s network gear could be used by the Chinese government for espionage. Huawei has repeatedly denied those allegations.

Sales in its carrier business, which is its core networking equipment arm, reached 294 billion yuan, slightly below the 297.8 billion yuan recorded in 2017.

The real driver of growth was the consumer business, with revenue for that division rising 45.1 percent year-on-year to reach 348.9 billion yuan. For the first time, consumer business is now the biggest share of Huawei’s revenue.


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: arjun kharpal, elizabeth schulze
Keywords: news, cnbc, companies, huawei, huaweis, business, 100, tops, despite, slightly, revenue, yuan, headwinds, reached, political, net, billion, profit


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