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Huawei braves US ban to report 24% revenue growth
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Technology company Huawei has reported a revenue rise of 24.4 percent to 610.8 billion yuan (US$86 billion) in the first nine months of 2019, higher than its first-half revenue growth rate of 23.2 percent.
A private firm, Huawei had not published its quarterly results before. The new results show that the company continues to grow despite being added to a US Entity List, which bans American companies from selling technology and products to Huawei.
Huawei has maintained its focus on ICT infrastructure (information and communications technology) and smart devices, and continued to boost the efficiency and quality of its operations. This contributed to 鈥渋ncreased operational and organizational stability and solidified the company鈥檚 performance,鈥 the company said. 鈥淚n the carrier business, commercial deployment of 5G networks around the world has sped up. Huawei has continued to launch innovative solutions with leading carriers,鈥 it said.
To date, Huawei has signed more than 60 commercial contracts for 5G with global carriers.
Huawei鈥檚 smartphone business has 鈥済rown steadily鈥 to maintain its No. 2 position in the global market. Huawei鈥檚 smartphone sales in the three quarters exceeded 185 million units, an increase of 26 percent.
But its smartphone business was 鈥渃learly influenced鈥 by the US tech ban, as Huawei models lack the support of popular Google tools and applications.
Huawei would have become the world鈥檚 No. 1 smartphone vendor (surpassing Samsung) if it was not in the Entity List, Yu Chengdong, Huawei鈥檚 consumer business head, told a conference in Shanghai recently.
By the end of the third quarter, more than 700 cities and 228 Fortune Global 500 companies had selected Huawei as their partner for digital transformation, covering cloud and IT services.
Last month, Huawei announced an investment of US$1.5 billion in the developer community to develop its own ecosystem.
It also plans to offer cloud services used in various industries and projects to bring digital benefits to 500 million people around the world.
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