Huawei is said to be benefiting from its close relationship with mobile carriers around the globe after its full-year revenue for 2015 surged 35.3% year-on-year to 390 billion yuan (£40.5bn, €55bn, $60bn), reports the International Business Times.
The China-based telecoms firm, whose presence is felt across the globe - Huawei has worked with approximately 80% of the world's top 50 telecoms companies - is beginning to rival the likes of Samsung on smartphones, according to analysts.
IDC data shows that Huawei was the third largest smartphone manufacturer in the second quarter of 2015, with an increase in market share from 4.3% in 2014 to 6.9% in 2015.
Samsung, meanwhile, saw its market share drop from 32% to 25% in the same period, whereas Apple was at 12%, a marginal fall from 13%.
In terms of shipments in the quarter, Huawei boasted the fastest market growth of the three, having risen to 95%. Samsung's shipments, on the other hand, dropped 3.9%, leading analysts to suggest that its position in the market could soon be under threat from Huawei. Apple's positon looks fairly stable, however, thanks to its unique iOS platform.
Guo Ping, Huawei's chief executive officer, seemed to indicate that Huawei will be looking to make up further ground on its rivals in 2016, setting aside around 110 billion yuan (£11.4bn, €15.5bn, $17bn) for reinvestment.
Some 50 billion yuan (£5.1bn, €7bn, $7.6bn) of that total figure would be for research and development, while the remaining 60 billion yuan would go towards sales, marketing and services.
As things stand, Huawei is the second most popular Android smartphone brand in Europe, behind Samsung, according to industry data compiled by Kantar Worldpanel. This is largely thanks to the increasing popularity of its Honor series handsets, which have climbed from sixth to second position in the space of a year.