Shenzhen, China (BBN)-Chinese tech giant Huawei Technologies saw its revenue jump 70 per cent to more than $20bn (£13bn) in 2015 from a year ago on strong smartphone sales.
The firm, one of the biggest smartphone vendors behind Apple and Samsung, said that its shipments also rose 44 per cent to 108 million units last year, reports BBC.
The company’s growth figures come as it launched its latest flagship smartphone – the Huawei Mate 8 – in Las Vegas.
Its telecom devices for carriers, such as routers, are banned in the US.
The Shenzhen-based company is also one of the world’s largest telecommunications firms, but has been blocked from participating in broadband projects in the US and Australia over espionage fears.
But other businesses, such as consumer electronic products including mobile devices, are allowed into the US market.
Huawei’s smartphone business has been growing rapidly. Earlier this year, the firm said sales had jumped almost 40 per cent in the first half of 2015.
The growth in smartphone sales last year is being attributed to strong sales in China and Western Europe.
Its new premium Huawei Mate 8, unveiled at the Consumer Electronics Show in Las Vegas, is priced at $644 for the base model.
The firm has previously said it wants to shed its low-cost appeal and produce high-margin premium devices to challenge Samsung and Apple at the top end of the market.