Huawei Technologies' revenue growth slowed sharply in the first quarter but the world's top telecoms equipment supplier labeled the performance as 'resilient' in light of pressure from the United States and the impact of the COVID-19 pandemic.
LONDON - Huawei Technologies’ revenue growth slowed sharply in the first quarter but the world’s top telecoms equipment supplier labeled the performance as “resilient” in light of pressure from the United States and the impact of the COVID-19 pandemic.
The company said its revenue in the first quarter rose by about 1% to 182.2 billion yuan , versus a 39% growth posted a year ago. Its net profit margin over the period narrowed to 7.3% from about 8% a year ago. Washington placed Huawei on a blacklist in May last year, citing national security concerns, restricting sales of U.S.-made goods to the company. The Chinese firm turned in its weakest annual profit growth in three years in 2019.
Critics say the move could be a ploy to win contracts after the EU restricted Huawei’s role in 5G networks to address cybersecurity risks.. Huawei has denied that its equipment poses any risk.
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