Huawei reports $2.5 billion profit in 2012, forecasts 10-12% growth this year

BEIJING - The world’s second largest telecom equipment provider, Huawei Technologies, has reversed a fall in 2011 revenues with a 33% spike in net profit for 2012, and forecasts continued revenue growth powered by smartphone sales and cloud computing. The turnaround was achieved by focusing on customers, streamlining management and improving efficiency said Cathy Meng, Huawei Chief Financial Officer who expects overall revenue to grow 10-12% in 2013. "Cloud computing is a huge sector in the next five years. In the telecom industry, we are expecting a 5% increase in capital investments. Smartphone penetration is still way too low and...