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.