January 3, 2015 / 1:47 PM / in 3 years

China's Huawei says 2014 sales revenue to rise 15 percent to $46 billion

A man walks past a logo during the presentation the Huawei's new smartphone, the Ascend P7, launched by China's Huawei Technologies in Paris, May 7, 2014. REUTERS/Philippe Wojazer

BEIJING (Reuters) - Chinese telecoms equipment maker Huawei Technologies [HWT.UL] expects advances in cloud computing and higher demand for smart devices to have lifted 2014 sales revenue by 15 percent to $46 billion, CEO Ken Hu said in a new year’s message on the company’s website.

The Shenzhen-based company, for which three executives share CEO duties in six-month rotation, had said last year that it will achieve sustainable growth in 2014. It had also targeted revenue of $70 billion by 2018, or annual growth of about 10 percent a year.

Huawei’s smartphone shipments rose by more than 40 percent last year, according to an internal memo seen by Reuters, failing to match its own target and the performance of faster-growing rivals such as Xiaomi.

Reporting by Sui-Lee Wee; Editing by David Goodman

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