Huawei, which is currently dominating the Chinese smartphone market, had registered a monstrous growth in its consumer electronics business last year. Now, it seems that the current year is also going pretty good for the company.

The Chinese giant has revealed the financials of the first quarter of this year, i.e. Q1 2019 in which the company claims to have generated revenue of 179.7 billion yuan, which represents a 39 percent year-on-year growth.

Further, the company has revealed that it managed to ship 59 million units of its smartphones in the first quarter that ended in March 2019. This is a significant development given that Huawei has set the target of shipping over 250 million smartphones this year.

The way the company is growing and what the management has planned, Huawei executive recently said that Huawei and Honor — combined — could be the leading smartphone company globally in the coming year or two. Currently, South Korea-based Samsung is dominating the smartphone industry worldwide, followed by US-based Apple.

The company says that going forward, it plans to make aggressively priced Honor smartphones, and further improve its production line, supply chain, and retail operations. It will also continue investing in innovative technologies.

Apart from the smartphone or consumer electronics business, the company could also expect a significant boost in its telecom business as well, thanks to the commercialization of the 5G technology.

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Huawei says that in the year 2019 when the 5G communication technology is going commercial, this represents a historic development opportunity. At the end of March this year, the company says it has already signed 40 5G commercial contracts with the world’s leading telecom operations and more than 70,000 5G base stations have been setup across the world.

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