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Huawei remains bullish on 2021 operations despite lower Q1 revenues

Chinese tech giant Huawei is keeping its optimism to recover this year despite posting weaker first-quarter performance.
Huawei remains bullish on 2021 operations despite lower Q1 revenues
File photo: Huawei logo in a facility in China

Huawei hopeful about 2021 performance

Revenues in January to March period dropped by 16.5 percent year-on-year to CNY 152.2 billion.

Although its network business kept its "steady growth", consumer business saw its revenues decrease in the period.

The China-based firm, however, said its net margin was up by 3.8 percentage points year-on-year at 11.1 percent on the back of its "ongoing efforts to improve quality of operations and management efficiency, as well as a patent royalty income of USD 600 million."

2021 will be another challenging year for us, but it's also the year that our future development strategy will begin to take shape. We thank our customers and partners for their ongoing trust. No matter what challenges come our way, we will continue to maintain our business resilience. Not just to survive, but do so sustainably, Eric Xu, Huawei's Rotating Chairman, was quoted as saying in the statement.

The executive said the group will continue to focus on the needs of its customers, and protect its leadership in the 5G space by investing heavily in research and development.

We will continue making breakthroughs in basic science and pushing the frontiers of technology, Xu said.

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