Huawei confirmed rising revenues and profits and forecast a compound annual growth rate of 10 percent over the next five years as telecom networks strive to meet the requirements of ubiquitous connectivity.

Last year, the China-based vendor saw profits increase over 32 percent year-on-year to €1.9 billion on revenues that rose by eight percent to €27.3 billion.

Guo Ping, Huawei's rotating and acting CEO, said the company had met business performance expectations through improved operational efficiency.

The Carrier Network business unit saw sales increase by seven percent to €19.8 billion.

Moving forward, the vendor said it aimed to capitalise on “opportunities presented by the increased demand for professional services, carrier data center integration and cloud services”.

In February, for example, Huawei signed a deal with Swisscom to provide FTTS services across Switzerland.

The company’s consumer business unit saw revenues increase by over eight percent to €6 billion, while its enterprise business grew revenues by 26 percent to €1.4 billion.

From a geographical viewpoint, Huawei saw growth across the world, led by revenue growth in excess of 12 percent in its home market.

Europe, the Middle East and Africa contributed record regional sales revenue of €9.5 billion, an increase of six percent.

Asia Pacific was up seven percent, while the Americas saw growth of over four percent.

Ping said he expected future growth to based on increased demand for ubiquitous connectivity.

"Today, telecom networks are yet to meet the requirements for ubiquitous connections - zero wait time, ultra broadband, and smart applications.

“In the future, ICT will continue to grow, with new opportunities coming from cloud computing, BYOD (Bring Your Own Device), and big data, and feature phones being replaced by smartphones at a faster rate.

“Huawei will continue to focus on its pipe strategy, integrate and develop businesses around the information pipe, and create value for customers, while achieving sustainable and effective growth."

The company gave an early glimpse of the financial figures in January in what it said was an attempt to be transparent.

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