The Strategist

Huawei's revenue jumps by 39% for the year

04/22/2019 - 12:52

In the first quarter of 2019, revenue of the Chinese telecommunications company Huawei increased by 39% over the same period last year - to 179.7 billion yuan ($ 26.81 billion), the company said.

The net profit margin for this period was approximately 8%, which is slightly higher than in the period of January-March 2018. At the same time, Huawei did not disclose net profit data for the past quarter.

Huawei is a private company, but annually publishes audited financial statements. The quarterly report, which the company released for the first time, does not include net profit indicators or detailed data on the results of the divisions, Dow Jones writes.

The results of Huawei for the first quarter show that the Chinese company is ahead of the main western competitors, including the Finnish Nokia and the Swedish Ericsson, who are expected to be able to take advantage of the ban on Huawei equipment in the United States. Huawei smartphones and other consumer devices are also not sold in the US market.

Huawei notes that 2019 will be the year of development of 5G networks, which means great opportunities for the company. Over the past five months, the Chinese telecommunications giant has won more than 18 new commercial contracts to deploy 5G networks, half of which come from Europe, according to Yahoo! Finance. In total, the Chinese equipment manufacturer has already concluded 40 commercial contracts, which makes Huawei the leader in the 5G market in the world.