Chinese telecom giant and smartphone maker Huawei has reported that its sales revenue rose 40% in the first half of the year, a 10% improvement compared to the last year, and has also reported that operating margin was 12 percent, down from 18% last year.

Huawei plans to keep the momentum and reach its revenue target of $75 billion by the end of the year. The company didn't reveal many details, but noted that it aims to conclude 2016 on a positive financial note.

"We achieved steady growth across all three of our business groups, thanks to a well-balanced global presence and an unwavering focus on our pipe strategy.

We are confident that Huawei will maintain its current momentum, and round out the full year in a positive financial position backed by sound ongoing operations," said Huawei's chief financial officer Sabrina Meng.