Despite being shunned by the US over its imagined links to the Chinese government, Huawei appears to be getting stronger. The private company said on Wednesday it expected to grow its revenues by 10 percent annually over the next five years from the $35 billion it achieved in 2012.

Huawei's Vice President of Western Europe sales, Gaston Khoury said at a media presentation in Stockholm that this growth will come mainly from consumer devices and enterprise. Huawei, whose arch rival in mobile networks is Sweden's Ericsson, said this diversification would mean the share of carrier networks in its overall sales would fall from around 73 percent of the total in 2012 to around 60 percent in 2017.

The company made $18.59 billion in the first half of the year and that it was on track to increase revenues by 10 per cent in the full year 2013.