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Huawei’s growth slows citing 2020 challenges


Huawei passes GSMA's test on their 5G Network Equipment

Huawei has announced its business results for the first three quarters of 2020. During this period, Huawei generated CNY 671.3 billion in revenue, an increase of 9.9% over the same period last year. The company’s net profit margin in this period was 8.0%.

According to the company, throughout the first three quarters of 2020, its business results basically met expectations. However, compared to last year, the growth rate has slowed down from 24.4% posted then. While some would attribute this to just the sanctions Huawei has experienced from the US Ban, other factors like COVID-19 have affected businesses worldwide.

Huawei says their global supply chain has been put under intense pressure due to COVID-19, and that production and operations face significant challenges. The company says they continue to do their best to find solutions, survive, and forge forward in fulfilling obligations to both customers and suppliers.

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. 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)



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