Huawei’s revenue for the first three quarters grew by 24.4% year on year to RMB 610.8 billion (around $86 billion), the company said on Wednesday, showing little sign of slowing despite US sanctions earlier this year.
Why it matters: Huawei was put on a US trade blacklist in May, effectively blocking it from doing business with US companies.
- Huawei founder Ren Zhenfei previously said that the company had begun making 5G base stations without US technology indicating that ban has had a limited effect on its telecom business. Nevertheless, the company’s consumer business is expected to be worse hit.
- US President Donald Trump said this month the US would start granting select US companies permission to sell their products to Huawei, which may help cool tensions between the world’s two biggest economies.
“To date, Huawei has signed more than 60 commercial contracts for 5G with leading global carriers and shipped more than 400,000 5G Massive MIMO active antenna units (AAUs) to global markets.”
—Huawei in its earnings release
Details: Huawei shipped more than 185 million smartphones during the first three quarters, a 26% increase from the same period a year ago, the company said in a statement on Wednesday.
- Huawei said previously that the company expected US export restrictions to reduce annual revenue from its consumer devices business by $10 billion.
- As of the end of Q3, Huawei has partnered with 700 cities, 228 Fortune Global 500 companies, and 58 Fortune Global 100 companies, the telecommunications giant said.
- The company added that it also saw growth in other businesses including PCs, tablets, and wearables, without providing figures.
- Huawei did not provide figures for the third quarter alone.