Chinese information and communications technology solutions provider Huawei Technologies Co. announced that its revenue sped up during the first half of this year. The company said that even as the global industry suffered from economic instability, Huawei successfully sidestepped the hurdles to gain more profit.

The company's revenue for six months which ended last June 30 reportedly rose 11%, equivalent to CNY113.8 billion or US$18.5 billion.

Last year, Huawei Technologies' midyear report only registered a 5% growth.

According to the Chinese tech firm, expansion of networking equipment retails, a stable infrastructure and equipment business growth contributed to the company's success. Also, analysts believe that the demand for cheaper, more economical smartphones boosted the company's revenue.

Huawei did not release any concrete statements regarding its net profit, but made predictions on its profit margin. According to Huawei, the net profit margin might come in between 7% to 8% this year. Last year, the company registered a 6.9% net profit.