What happened: Huawei said its consumer business sales hit a record $52 billion in 2018, reflecting strong demand for its premium smartphones. According to the head of consumer division at Huawei, Richard Yu, a nearly 50% increase in the revenue of its consumer business saw the unit replace its carrier business as its largest segment by sales. The company also announced that it has secured over 30 commercial 5G contracts, more than half of which are from Europe.
Why it’s important: Despite global deceleration of smartphone sales and rising spying concerns regarding its products, Huawei still believes it is on its way to become the world’s number one smartphone seller. Now, the company is largely shut out of the US market and has been banned from supplying 5G network equipment by several other countries including Australia and New Zealand. Last August, Huawei surpassed Apple and became the world’s second largest smartphone maker in the world.