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Huawei Announces Q3 2020 Business Results

NepalKhoj Report 29 Oct, 2020

Kathmandu: Huawei announced its business results for the first three quarters of 2020. During this period, Huawei generated CNY671.3 billion in revenue, an increase of 9.9% over the same period last year. The company’s net profit margin in this period was 8.0%.

Throughout the first three quarters of 2020, Huawei’s business results basically met expectations.

“As the world grapples with COVID-19, Huawei’s global supply chain is being put under intense pressure and its production and operations face significant challenges,” mentions the press release issued by the company. “The company continues to do its best to find solutions, survive and forge forward, and fulfill its obligations to customers and suppliers.”

Moving forward, Huawei will leverage its strengths in ICT technologies such as AI, cloud, 5G, and computing to provide scenario-based solutions, develop industry applications, and unleash the value of 5G networks along with its partners, writes the press statement. Its stated goal is to help enterprises grow their business and help governments boost domestic industry, benefit constituents, and improve overall governance, add the release.

According to the press statement, the company will continue contributing to pandemic responses, economic growth, and social progress.

The financial data disclosed here are unaudited figures compiled in compliance with the International Financial Reporting Standards; exchange rate at the end of September 2020: US$1 = CNY6.8101