Chinese telecoms manufacturer Huawei is anticipating a 15% rise in 2014 revenues to $46bn, thanks in part to cloud computing and escalating demand for smart devices.
The telecoms equipment maker is aiming to generate revenues of $70bn by 2018, aiming to achieve annual growth of around 10% per year, Reuters reported.
Recently, an internal report noted that despite smartphone shipments rising by more than 40% during the year, the company failed to achieve the anticipated sales target of 80 million units, mainly hit by the performance of rapidly growing rivals including Xiaomi.
Huawei’s failure highlights the success of competitor Xiaomi, which even surpassed South Korea’s Samsung as the top vendor in China last quarter.
Pressure from low-cost vendors is also hitting Samsung Electronics and Apple, which are expected to witness nearly unaltered shipments this year and 20% growth upon the launch of iPhone 6 respectively.
Reports also noted that LG Electronics may witness a 26% rise in its smartphone shipments during the year.
