Chinese telecom giant Huawei posted its financial results for the first three quarters of 2022 on Thursday, recording RMB 445.8 billion ($61.69 billion) in revenue. For the third quarter, it generated RMB 144.2 billion, a 6.5% yearly growth but a 15.5% quarterly fall, according to our calculations based on previous data released by the firm. Huawei’s statement also noted that for the first three quarters this year, the profit margin for its main business was 6.1%, which means its net profit for the third quarter could be less than RMB 12.11 billion, a more than 19.7% yearly fall. A representative of Huawei told TechNode that the decrease was due to a decline in income and greater investment in new industries, software, and other fields, such as the new generation of MIMO wireless technology and the rebuilding of tech stacks centered with AI. The results met with the firm’s expectations, as the decline of its consumer business slowed and its information and communications technology business saw steady growth, according to Huawei’s rotating chairman Eric Xu. [Huawei, TechNode reporting]