China's leading telecommunications company, Huawei Technologies reported on Friday that its profits leapt 33% last year, driven by smartphone sales.
The company said in its annual report that its net profits rose to 36.9 billion yuan (6.13 billion U.S. dollars) in 2015 and its global revenue grew to 395 billion yuan, up 37 percent year on year.
The growth was fueled by striking expansion of consumer business, mainly smartphone sales. Consumer business revenue hit 129.1 billion yuan last year, up 73 percent.
Huawei spent 59.6 billion yuan on research and development (R&D) in 2015. It has invested more than 240 billion yuan in R&D over the past decade.