Current:Home > NewsHuawei reports its revenue inched higher in January-September despite US sanctions -ProsperityStream Academy
Huawei reports its revenue inched higher in January-September despite US sanctions
View
Date:2025-04-15 13:23:37
HONG KONG (AP) — Chinese telecoms equipment maker Huawei Technologies said its revenue edged higher in the first three quarters of the year, even as it grappled with U.S. sanctions that have hindered both its sales and its purchases of advanced technology.
The Shenzhen-headquartered firm said Friday that it generated 456.6 billion yuan ($86.3 billion) in revenue for the first nine months of the year, an increase of 2.4% compared to the same period last year.
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.
Ken Hu, Huawei’s rotating chairman said that the figures were “in line with forecasts.” He thanked Huawei’s customers and partners for their trust and support.
“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.
Huawei, which is not listed on any stock exchanges, has struggled since former U.S. president Donald Trump put the firm on a blacklist that blocked the Chinese company from doing business with U.S. firms, accusing it of potentially spying for China. The move effectively cut off Huawei’s access to U.S. processor chips and other technology.
Huawei denies accusations that it is a security risk and insists it does not spy for the Chinese government.
The firm, which was once a top smartphone maker, fell from top global ranks after it lost access to Google services for its devices.
Huawei has since pivoted to helping companies, factories and mines to digitize. 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. It has invested in technologies such as advanced computer chips and autonomous driving.
In September, Huawei caused a stir after it launched its Mate 60 smartphone series in China.
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.
Huawei said earlier this week that it launched a health lab in Helsinki, Finland, as part of its efforts to deepen research in health monitoring algorithms for wearable technologies.
veryGood! (8)
Related
- Sam Taylor
- Mountain West commissioner says she’s heartbroken over turmoil surrounding San Jose State volleyball
- Nordstrom Rack's Top 100 Fall Deals: Your Guide to Can't-Miss Discounts, Including $11.98 Sweaters
- A newborn was found dead at a California dump 30 years ago. His mother was just arrested.
- Where will Elmo go? HBO moves away from 'Sesame Street'
- Dollar General's Thanksgiving deals: Try these buy 2, get 1 free options
- Harris will campaign with the Obamas later this month in Georgia and Michigan
- Harry Styles mourns One Direction bandmate Liam Payne: 'My lovely friend'
- Whoopi Goldberg is delightfully vile as Miss Hannigan in ‘Annie’ stage return
- Harris pressed on immigration, Biden in tense Fox News interview | The Excerpt
Ranking
- A White House order claims to end 'censorship.' What does that mean?
- Michael Keaton and Mila Kunis play father and daughter in ‘Goodrich’
- Diablo and Santa Ana winds are to descend on California and raise wildfire risk
- Megan Marshack, aide to Nelson Rockefeller who was with him at his death in 1979, dies at 70
- Jorge Ramos reveals his final day with 'Noticiero Univision': 'It's been quite a ride'
- One Direction's Harry Styles, Niall Horan, Louis Tomlinson & Zayn Malik Break Silence on Liam Payne Death
- Former MTV VJ Ananda Lewis shares stage 4 breast cancer diagnosis
- Republicans appeal a Georgia judge’s ruling that invalidates seven election rules
Recommendation
Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
'Ghosts' Season 4 brings new characters, holiday specials and big changes
The best Halloween movies for scaredy-cats: A complete guide
How Liam Payne's Love for Son Bear Inspired Him to Be Superhero for Kids With Cancer in Final Weeks
Former Syrian official arrested in California who oversaw prison charged with torture
Meta lays off staff at WhatsApp and Instagram to align with ‘strategic goals’
A father and son are both indicted on murder charges in a mass school shooting in Georgia
Panel looking into Trump assassination attempt says Secret Service needs ‘fundamental reform’