Huawei Revenue Jumped 39 Percent to $27 Billion in First Quarter
(Bloomberg) -- Huawei Technologies Co. shrugged off efforts by the U.S. government to stop other nations using it’s technology, with revenue jumping on shipments of phones, 5G equipment and other products.
First-quarter sales rose 39 percent from a year earlier to 179.7 billion yuan ($27 billion), the company said in a statement on its website. Its net profit margin was about 8 percent, slightly higher than last year.
The U.S. government is pushing nations around the world to stop Huawei from supplying equipment for the next generation of mobile phone networks. Australia has banned it and Japan has indicated that it won’t be allowed to participate in the rollout of the new networks, but other nations have been skeptical of the U.S. claims that using the Chinese company’s products creates an espionage risk.
As of the end of March, the company said it had shipped more than 70,000 5G base stations to markets worldwide and signed 40 commercial contracts with phone network carriers. It also shipped 59 million smartphones.
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