Apr 01, 2016 11:10 PM EDT

Huawei Sees Rapid Growth In Smartphone Sales

Chinese technology giant Huawei said that they are taking advantage of its growing revenue, since China adopted its fourth generation mobile technology showed improvement in strong smartphone sales around the world.

According to a report from CNBC, Huawei's total revenue increased by 37% to 395 billion yuan from 288.2 billion yuan last year, which is $61.10 billion on revenue growth.

The company based in Shenzhen are expected to see an increase on its revenue this year to $75 billion, which suggests that the growing rate will slow by 23%.

Huawei estimates this year's revenue for the consumer devices business of $30 billion, which indicates a rapid growth in division which generated its second largest revenue last year.

The business revenue growth suggests that it will decline to about 51% in 2016 from 73% last year, which the company appeared more profitable from their Chinese peers Lenovo and Xiaomi.

Huawei managed to ship more than 100 million smartphones in a year of 2015, becoming the first Chinese handset devices vendors.

Huawei CEO Guo Ping said, "Huawei's growth is a direct result of strategic focus and heavy investment in our core businesses."

Regardless of intense competition of smartphone prices in the market, Huawei assured that the consumer business of the company is profitable, where Huawei Chief Financial Officer Sabrina Meng said, "Profitability is the minimum requirement for our consumer business, we are satisfied with the performance."

Huawei was founded by former Chinese army engineer Ren Zhengfei in 1987, which its success in the global market was built on selling networking supplies to telecom carriers.

According to a report from USnews, the company explained that the revenue of its base carrier of network business increased by 21% of Huawei's total revenue by 59%, because of the ongoing demand from carriers worldwide implementing faster fourth generation wireless networks.

Even though the company is concerned on the economic growth decline in China, Guo Ping expects Huawei's growth to continue in its wireless equipment sales this year, due to the fact that carriers are trying to encourage more users to watch high-quality videos on their devices.

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