Chinese tech powerhouse Huawei reported a 33 percent rise in net profit for 2015 from the previous year, on the back of its growing consumer device business and rising demand for information and communications technologies (ICT) globally.
Net profit rose to 36.9 billion yuan ($5.7 billion), it said in a statement. Huawei, which saw growth in all three of its business units, saw a 37 percent year-on-year increase in global revenues to 395 billion yuan despite economic headwinds.
However, 2015 gross margin fell by 2.5 percentage points to 41.7 percent due to increased investment in Research and Development (R&D), said the Chinese tech firm.
"Huawei owes its long-term growth to the sheer size of the ICT market, which is the driving force of digital economies around the world. However, our growth is also a direct result of strategic focus and heavy investment in our core businesses," said Guo Ping, deputy chairman and rotating CEO at Huawei, in a statement.