Chinese telecommunications giant Huawei announced on Monday that its first-quarter revenue grew by 39% year on year to RMB 179.7 billion (around $26.8 billion) and net profit margin was about 8%.

The company said in an unaudited quarterly earnings report that it had signed 40 commercial contracts for 5G, the next generation of mobile networks that promise ultra-fast data speeds, with global carriers and shipped more than 70,000 5G base stations to markets around the world in the first quarter of 2019.

“2019 will be a year of large-scale deployment of 5G around the world, meaning that Huawei’s Carrier Business Group has unprecedented opportunities for growth,” said the company in a press release.

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Wei Sheng

Wei Sheng is a Beijing-based reporter covering hardware, smartphone, and telecommunications, along with regulations and policies related to the China tech scene. Before joining TechNode, he wrote about...