China growth pushes up Huawei's earnings

Growing smartphone sales in China pushed Huawei’s (002502.SZ) earnings up by 32% in 2012, The Wall Street Journal reported. The telecommunications equipment giant said that net earnings rose to US$2.48 billion (RMB15.38 billion) in 2012 compared to US$1.87 billion in 2011. Revenue rose by 8% to US$35.49 billion. The company said 33% of its revenue came from China in 2012, while Europe, the Mideast and Africa accounted for 35%. Huawei is expecting solid growth for 2013, despite hostilities in the US over allegations that using its equipment could increase vulnerability to cyberattacks and pose a threat to US national security.