Huawei fetches 8pc net profit in Q3

Special Correspondent

25 October, 2020 12:00 AM printer

Huawei fetches 8pc net profit in Q3

China’s Huawei Technologies Co Ltd registered 8.0 per cent net profit in third quarterly revenue despite coronavirus pandemic.  

Huawei last Friday announced its business results for the first three quarters of 2020.

During this period, Huawei generated USD$ 98.57 billion in revenue, an increase of 9.9 percent over the same period last year, ending the double-digit growth run it enjoyed earlier this year.

“But, Huawei’s business results basically met expectations,” it claimed. 

As the world grapples with COVID-19, Huawei’s global supply chain is being put under intense pressure, and its products and operations face significant challenges, it said through a statement.  

The US export restrictions will also come down the growth of Huawei.

The company continues to do its best to find solutions, survive and forge forward and fulfill its obligations to customers and suppliers, it also said.

“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,” it hoped.

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.