I'm surprised by how bullish Huawei remains despite its net profit more than halving in 2011.
The Chinese vendor's income fell to 11.6 billion yuan from 24.7 billion in 2010, on the back of higher R&D costs and forex losses, yet there's no sign of panic among managers, or talk of sweeping restructuring that rival infrastructure vendors have announced to combat their own falling profits.
Admittedly revenues were up 11.7% year-on-year in 2011, but the bulk of that came from its consumer (handset) business and enterprise unit. Infrastructure sales - which still generate three quarters of Huawei's total sales - grew just 3% during the year.
The one stand out bright spot is smartphone shipments. Huawei sold 20 million smartphones in 2011 - higher than the 15 million originally targetted, and well up on the 3.3 million units sold in 2010.