LONDON (Reuters) – Huawei Technologies’ revenue growth slowed sharply in the first quarter but the world’s top telecoms equipment supplier labeled the performance as “resilient” in light of pressure from the United States and the impact of the COVID-19 pandemic.
FILE PHOTO: A cameraman records during Huawei stream product launch event in Barcelona, Spain February 24, 2020. REUTERS/Nacho Doce/File Photo
The company said its revenue in the first quarter rose by about 1% to 182.2 billion yuan ($25.72 billion), versus a 39% growth posted a year ago. Its net profit margin over the period narrowed to 7.3% from about 8% a year ago.
Huawei, also the third-largest smartphone maker in the world, did not disclose its net profit. “The growth rate has slowed, but this is also a resilient performance in the face of both the entity list and the coronavirus we are facing at this moment,” Vice President Victor Zhang said in a statement on Tuesday.
Washington placed Huawei on a…
Source Reuters Tech News
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