Few phone makers will survive industry's brutal economics: Huawei consumer chief

Barcelona

THE smartphone industry is bound to consolidate as the heavy investments required to remain competitive mean that, in the long run, only a handful of firms can make money, the consumer chief of China's Huawei Technologies said on Sunday.

Richard Yu, chief executive of Huawei's consumer business group, said anyone at this stage in the decade-old industry's history that had less than 10 per cent market share was losing money.