Huawei reports its revenue inched higher in January-September despite US sanctions
Summary
Huawei, the biggest maker of network gear for phone and internet carriers, said its net profit margin was 16%, but it gave no basis for comparison. “Moving forward, we will continue to increase our investment in R&D to make the most of our business portfolio and take the competitiveness of our products and services to new heights,” Hu said. The firm is a top global spender on research and development and last year invested about a quarter of its total revenue in R&D. The high-end smartphone Mate 60 Pro was found to be using a domestically-made advanced chip, which experts said suggests the firm has begun to overcome U.S. sanctions. Chinese shoppers snapped up the Mate 60 phones, giving Huawei a 37% increase in smartphone sales for the third quarter compared to the same period last year, even as other brands such as Apple, Oppo and Vivo saw declining sales growth, according to the market research firm Counterpoint Research.
