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Huawei reports 9.9% revenue growth in first 3 quarters of 2020
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IANS | 24 Oct, 2020
Huawei on Friday said that it generated a revenue of 671.3 billion yuan
($98.57 billion) in the first three quarters of this year, an increase
of 9.9 per cent over the same period last year.
The results
showed that restrictions imposed by the US slowed down growth of the
Chinese technology giant as duriing the same period last year, the
company reported revenue growth of 24.4 per cent, CNBC reported.
For
the September quarter, Huawei reported revenue of 217.3 billion yuan
($31.91 billion), an increase of just 3.7 per cent over the the same
period last year, said the report.
During the first three
quarters of 2020, the company's net profit margin was 8 per cent, Huawei
said, adding that its business results during the period met
expectations.
Huawei said that amid Covid-19, its global supply
chain faced 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," Huawei said in a statement.
"Moving
forward, Huawei will 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," it added.
Huawei said that open
collaboration and mutual trust across the global industry is required
for rapid and healthy development within the ICT industry.
The
company said that 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.
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