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Huawei's profit grew by 9.9 percent this year in spite US attacks

In spite of the heightened US restrictions and the global Coronavirus pandemic, tech giant Huawei remained resilient and even posted profit growth.
Huawei's profit grew by 9.9 percent this year in spite US attacks
File photo: Huawei P40 Pro+

Huawei showing resilience

On its Q3 2020 Business Results, Huawei shared that the company has generated a revenue of CNY 671.3 billion (around PHP 4.3 trillion) for the first three quarters of 2020. It is an increase of 9.9 percent over the same period last year. The company's net profit margin this period was 8.0 percent.

Basically, Huawei met all its business results expected for the first 3 quarters of 2020.

To recall, many analysts did not expect Huawei to meet its expectations.

Despite the challenges it is facing which placed the company's global supply chain under pressure, Huawei said that the company continues to do its best to find solutions, survive and forge forward, and fulfill its obligations to consumers and suppliers.

Moving forward, Huawei added that Huawei will also 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.

Huawei's report ended by highlighting the benefits of ICT and how can they continue to contribute to pandemic responses, economic growth, and social progress.

Source: Huawei

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