Huawei ekes out third-quarter revenue growth as US restrictions bite

Huawei Technologies Co Ltd eked out a gain in third-quarter revenue as the impact of the COVID-19 pandemic added to supply-chain difficulties brought about by U.S. restrictions on doing business with the Chinese firm.
The figure comes a day after the telecommunications equipment maker announced its latest flagship smartphone, potentially its last in the high-end Android segment most dependent on U.S. technology.
It also comes after Sweden became the latest nation to ban Huawei from its fifth-generation (5G) network infrastructure, following U.S. suspicion of Huawei’s relationship with China’s communist government – which Huawei has dismissed.
Hinting at an end to at least four years of double-digit growth, revenue grew 9.9% in January-September versus the same period a year earlier to 671.3 billion yuan ($100.4 billion), the private company said in a statement on Friday without providing a segment breakdown.
Revenue for the third quarter alone rose 3.7% on year to 217.3 billion yuan, Reuters’ calculations showed.
Net profit margin for the nine months was 8.0%, versus 8.7% over the same period a year earlier, Huawei said.