Huawei’s revenue grows by 10% in first nine months

Shenzhen-based global Telecommunications equipment company, Huawei reported a 9.9 percent Year-on-Year (YoY) increase in revenue of CNY671.3 billion (US$98.7 billion) for the first three quarters of the year, the company announced.

According to the media release, the company’s net profit margin stood at 8 percent during the period while noting that the company met its met expectations throughout the first three quarters of 2020.

As the world grapples with COVID-19, Huawei’s global supply chain is being put under intense pressure and its production and operations face significant challenges.

“The company continues to do its best to find solutions, survive and forge forward, and fulfill its obligations to customers and suppliers,” it said.

However, the tech giant didn’t comment on the impact of on-going tensions between the United States and China had on its performances, which has forced many US firms to stop working with Huawei.

Huawei claims to be the top smart phone brand in Sri Lanka and the country’s top two telcos are planning to use Huawei equipments in their 5G networks, which is expected to launch shortly.

Moving forward, Huawei said it would leverage its strengths in ICT technologies such as AI, cloud, 5G, and computing to provide scenario-based solutions, develop industry applications, and unleash the value of 5G networks along with its partners. Its stated goal is to help enterprises grow their business and help governments boost domestic industry, benefit constituents, and improve overall governance.

ICT has become a cornerstone of modern society and the main driver behind sustainable social, economic, and environmental development. Huawei believes that rapid and healthy development within the ICT industry will rely on open collaboration and mutual trust across the global industry, so it will continue working closely with its global partners and using its innovative ICT technologies to create greater value for customers despite the complex situation it is currently facing. The company will continue contributing to pandemic responses, economic growth, and social progress.

The financial data disclosed here are unaudited figures compiled in compliance with the International Financial Reporting Standards; exchange rate at the end of September 2020: US$1 = CNY6.8101 (source: an external agency)