Huawei shares up on sales news

The share price of Huawei rose today (January 15th) after the company confirmed a rise in its operating profit in its latest trading update.

In a statement, the Chinese company stated that it is expecting to make an operating profit of up to 29.4 billion yuan (£3 billion), which is up from 20 billion yuan in 2012.

Cathy Meng, the firm's chief financial officer, stated that the business is likely to grow even further in the next few years.

"In the next decade, more people will spend more time using more applications," she said, adding: "This will generate more need for data and services, thus increasing the momentum of network and device development."

Cost-cutting measures were cited by Huawei as having a positive impact on its financial position during 2013, while increased sales of its smartphones have also contributed to its success.

The share price of Huawei was 0.22 per cent up on the Shenzhen stock market on the back of the profits news being released.

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