In the face of numerous bans from the United States, the fate of some of Huawei’s businesses have been hanging in the balance. However, the company remains resolute and we can see this from its technological advancement and financial results. Huawei’s revenue continues to look good despite the uncertainties surrounding its smartphone business – one of its major businesses. Recently, the Chinese manufacturer announced its financial performance for the first three quarters of 2020.
According to Huawei, during this period, its revenue hit 671.3 billion yuan (over $100 billion). This is an increase of 9.9% over the same period last year. On the profit end, the company’s net profit margin is about 8.0%. Throughout the first three quarters of 2020, Huawei’s business results basically met expectations. This is quite interesting because many analysts did not expect Huawei to meet its expectations.
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Apart from the ban and pressure from the United States, the COVID-19 pandemic is also putting Huawei’s operations under intense pressure. Presently, the company’s production and operations are facing significant challenges. However, the Chinese manufacturer continues to forge ahead despite the challenges. Huawei says that it has no choice but to fulfill its obligations to customers and suppliers.
Huawei’s revenue rise is from ICT development
Huawei’s revenue collectively comes from its multiple businesses. For those who do not know, Huawei is much more than just smartphones. Presently, Huawei is taking advantage of its prowess in ICT technologies such as AI, cloud, 5G, and computing. It is developing “scenario-based solutions, and industrial applications”. Along with its numerous partners, Huawei is unleashing the core values of 5G connectivity.
According to Huawei, its major goal is to help enterprises grow their business. It also wishes to help the government to run a more efficient system. If the system is more efficient, governance will be better and the constituents will benefit from it.
The company said
“ICT has become a cornerstone of modern society and the main driver behind sustainable social, economic, and environmental development. 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. The company will continue contributing to pandemic responses, economic growth, and social progress”.