Huawei reports its revenue inched higher in January-September despite US sanctions
Chinese telecoms equipment maker Huawei Technologies has reported its profit inched higher in the first three quarters of this year despite persisting U.S. sanctions that have hindered both its sales and its purchases of advanced technology
HONG KONG — Chinese telecoms equipment maker Huawei Technologies said its revenue edged higher in the first three quarters of the year, even as it grappled with U.S. sanctions that have hindered both its sales and its purchases of advanced technology.
The Shenzhen-headquartered firm said Friday that it generated 456.6 billion yuan ($62.4 billion) in revenue for the first nine months of the year, an increase of 2.4% compared to the same period last year.
Huawei, the biggest maker of network gear for phone and internet carriers, said its net profit margin was 16%, but it gave no basis for comparison.
Ken Hu, Huawei’s rotating chairman said that the figures were “in line with forecasts.” He thanked Huawei’s customers and partners for their trust and support.
“Moving forward, we will continue to increase our investment in R&D to make the most of our business portfolio and take the competitiveness of our products and services to new heights,” Hu said.
Huawei, which is not listed on any stock exchanges, has struggled since former U.S. president Donald Trump put the firm on a blacklist that blocked the Chinese company from doing business with U.S. firms, accusing it of potentially spying for China. The move effectively cut off Huawei’s access to U.S. processor chips and other technology.
Huawei denies accusations that it is a security risk and insists it does not spy for the Chinese government.
The firm, which was once a top smartphone maker, fell from top global ranks after it lost access
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