Huawei Technologies’ revenue jumped 70% to more than $20 billion in 2015 from a year ago on strong smartphone sales.
The Chinese tech giant, one of the biggest smartphone vendors behind Apple and Samsung, said that its shipments also rose 44% to 108 million units in 2015.
Huawei’s growth figures come as it launched its latest flagship smartphone – the Huawei Mate 8 – in Las Vegas.
The company’s telecom devices for carriers, such as routers, are banned in the US.
Huawei is also one of the world’s largest telecommunications companies, but has been blocked from participating in broadband projects in the US and Australia over espionage fears.
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 company said sales had jumped almost 40% in the first half of 2015.
The growth in 2015 smartphone sales is being attributed to strong sales in China and Western Europe.
The company’s new premium Huawei Mate 8, unveiled at the Consumer Electronics Show (CES) in Las Vegas, is priced at $644 for the base model.
Huawei 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.