Huawei reported revenues of CNY671.3 billion ($100.5 billion) for the first three quarters of the year, an increase of 9.9% over the same period last year, the company said in a release.
In the same period the previous year, the vendor had recorded a revenue growth of 24.4%.
Huawei doesn’t break down revenue by business group in its interim reports.
The company did not reveal its profits for the period but noted that the net profit margin in the first nine months of the year was 8.0%. In the first three quarters of last year, Huawei’s net profit margin was 8.7%.
Huawei highlighted that its business results for the period “basically met expectations”.
“As the world grapples with COVID-19, Huawei’s global supply chain was put under intense pressure and its production and operations saw increasing difficulties. The company stated it would do its best to find solutions, to survive and forge forward, and to fulfill its obligations to customers and suppliers,” Huawei said.
Moving forward, Huawei said it would “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 business had been negatively impacted by a number of sanctions imposed by the U.S government over alleged security issues. Washington has been also urging key allies to ban Huawei for the deployment of 5G infrastructure.
At Huawei Connect in late September, rotating chairman Guo Ping said Huawei currently holds sufficient stock of chips for the company’s network equipment businesses to overcome supply chain obstacles raised by U.S. sanctions.
The executive also noted that the vendor is currently facing some problems with the supply of chips for the consumer segment.
Guo added that the vendor is in the process of evaluating its options for future supply of chips. “The U.S. sanctions not only restrict Huawei and restrict non-US companies from supplying Huawei, they also have a great impact on the sales of U.S. companies’ chips. We hope the U.S. will reconsider its decision, and, if it is willing to provide chips, we will continue to purchase and use chips with U.S. technology,” Guo said.
In his presentation, Guo said continuous U.S. attacks on the company had raised “great challenges to our production and operations”, and that survival is the goal” in the near term.
Despite the continued pressures from the U.S government, Guo said he expects the company’s business fundamentals to remain stable for some time and noted that the company is not planning company-wide staff cuts.