Huawei revenue jumps 39pc to 179b yuan

Business | Reuters 23 Apr 2019

Huawei Technologies said its first-quarter revenue jumped 39 percent to 179.7 billion yuan (HK$210.27 billion), in the Chinese technology firm's first-ever quarterly results.

The Shenzhen-based firm, the world's biggest telecoms equipment maker, also said its net profit margin was around 8 percent for the quarter, slightly higher than the same period last year. Huawei did not disclose its actual net profit.

The limited results announcement comes at a time when Washington has intensified a campaign against unlisted Huawei, alleging its equipment could be used for espionage and urging US allies to ban it from building next-generation 5G mobile networks.

Huawei has repeatedly denied the allegations and launched an unprecedented media blitz by opening up its campus to journalists and making its low-key founder, Ren Zhengfei, available for media interviews.

The firm, which is also the world's No. 3 smartphone maker, said last week the number of contracts it has won to provide 5G telecoms gear increased further despite the US campaign.

By the end of March, Huawei said it had signed 40 commercial 5G contracts with carriers, shipped more than 70,000 5G base stations to markets around the world and expects to have shipped 100,000 by May.

Huawei's network business saw its first drop in revenue in two years in 2018. But Ren Zhengfei said earlier this month that network equipment sales rose 15 percent while sales of the consumer business increased by more than 70 percent in the first quarter.

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