Business

Huawei's Q1 revenue grows 39% to $36b amid heightened US pressure

HONG KONG Huawei Technologies said yesterday its first-quarter revenue jumped 39 per cent to 179.7 billion yuan (S$36.3 billion), in the Chinese technology firm's first-ever quarterly results.

The Shenzhen-based firm, the world's largest telecoms equipment maker, also said its net profit margin was around 8 per cent for the quarter, which it added was slightly higher than the same period last year.

The limited results announcement comes at a time when Washington has intensified a campaign against unlisted Huawei, alleging its equipment could be used for espionage and urging US allies to ban it from building next-generation 5G mobile networks.

Huawei has repeatedly denied the allegations and launched an unprecedented media blitz by opening up its campus to journalists and making its typically low-key founder, Mr Ren Zhengfei, available for media interviews.

The Chinese firm, which is also the world's No. 3 smartphone maker, said last week the number of contracts it has won to provide 5G telecoms gear increased further despite the US campaign. - REUTERS

BUSINESS & FINANCE