Categories Earnings, Technology

Huawei posts higher sales despite restrictions from the US

Chinese smartphone company Huawei Technologies reported revenues of CNY610.8 billion for the first three quarters of 2019, representing a year-over-year increase of 24.4%. This is higher than the 23.2% increase the company saw in the first six months of the year. Net profit margin for the year-to-date period was 8.7%.

Huawei’s smartphone business saw healthy growth during the year-to-date period with shipments rising 26% year-over-year to 185 million units. The company also saw growth in PCs, tablets, wearables and smart audio products.

Huawei posts higher sales despite restrictions from the US
Huawei at Mobile World Congress 2018 (Credit: Huawei)

On the carrier side, commercial deployment of 5G networks has accelerated worldwide. To date, Huawei has signed over 60 commercial 5G contracts with major global carriers and shipped over 400,000 5G Massive MIMO active antenna units (AAUs) to global markets.

Huawei saw steady growth in the production and supply of its optical transmission, data communications, and IT products. The company’s cloud service development has been accelerating and during the third quarter, the firm released Atlas 900, the fastest AI training cluster in the world.

Also read: Bank of America Q3 2019 Earnings Report

Huawei has been facing restrictions and prohibitions from the US, which has banned the company from doing business with American companies citing security risks. Huawei was given a reprieve till November on this front.

The US also excluded Huawei from its 5G plans and requested its allies to do the same. Germany, however, has refused to ban Huawei or any other supplier upfront. Huawei saw good growth in 5G customers in Europe in the year-to-date period.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top