Huawei announces impressive quarterly results
Huawei announced business results for the first quarter of 2019 that showed revenues up almost 40% year-on-year to US$ 27 billion, with net profits up as well, albeit more marginally. This follows results for 2018 that saw revenues up 19.5% and profits up 25%.
The company’s revenue jumped nearly 40% in the first quarter despite the pressure from the US
Stocks impacted: Huawei Technologies (CHN)
The company shipped 59 million smartphones in January-March compared to 39.3 million smartphones in the first quarter of 2018. The world’s biggest telecoms equipment maker also said its net profit margin was around 8 percent for the quarter but did not disclose its actual net profit. As a reminder, Washington has intensified a campaign against unlisted Huawei, alleging its equipment could be used for espionage and urging U.S. allies to ban it from building next-generation 5G mobile networks. The Chinese firm itself has repeatedly denied the allegations.
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