Huawei posts 446 billion yuan in revenue in Jan-Sept period, company says overall performance in line with forecasts
Published: Oct 27, 2022 07:54 PM
Huawei's Richard Yu Chengdong showcases the Mate 50 series on September 6, 2022. Photo: Courtesy of Huawei

Huawei's Richard Yu Chengdong showcases the Mate 50 series on September 6, 2022. Photo: Courtesy of Huawei

China's 5G developer and telecom equipment provider Huawei said it generated 445.8 billion yuan ($61.61 billion) in revenue during the January-September period, falling slightly from 2021 levels.

The company, which announced its business results for the first three quarters of 2022 on Thursday, said profit margin for its main business during the period was 6.1 percent.

In the first nine months in 2021, Huawei's revenue was 455.8 billion yuan and its net profit margin is 10.2 percent. 

"Overall performance was in line with forecasts," said Eric Xu Zhijun, the company's rotating chairman. "The decline in our device business continued to slow down, and our information and communications technology (ICT) infrastructure business maintained steady growth."

Against the backdrop of the US attempting to contain China's high-tech development, Huawei, as a 5G frontrunner, fell into the spotlight as Washington repeatedly launched crackdowns that involved cutting the supply of advanced semiconductors as well as threatening other countries to terminate cooperation with Huawei.

The company is focused on expanding revenue as its core mission.

In August, Ren Zhengfei, the company's founder, said Huawei needs to change its business strategy from promoting expansion to seeking profit and liquidity so as to ensure survival in the next three years, given that the global economy is encountering recession risks and decreasing consumption capacity.

"Moving forward, we will keep bringing in top-notch talent and investing in research & development to take the competitiveness of our products to a new level. We will keep creating value for our customers and society," Xu said.

Industrial experts have claimed that the US government's moves attempting to clamp down on Chinese technology firms have seen diminishing marginal effects.