Chinese telecom device maker Huawei announced that during the first six months of 2016, the company achieved operating revenue of CNY245.5 billion, which was about USD37 billion, representing a year-on-year increase of 40%.

As the world's third largest smartphone brand, Huawei realized fast operating revenue growth which was contributed by its upgraded smartphone and network devices that helped the company offset negative effects caused by global demand decline.

Meng Wanzhou, chief financial officer of Huawei, said that they are confident in maintaining the current trend. Supported by the healthy business operation, the company will realize a positive financial situation at the end of the year.

However, market competition was pressing Huawei's profit rate. Over the first half of 2016, Huawei's operating profit rate decreased to 12%, which was lower than the 18% profit rate in the same period of last year. The company did not announce the performance of individual departments.

At the beginning of 2016, Huawei set its operating revenue goal at USD75 billion for the entire year.