Huawei's revenue up despite US pressure

SHANGHAI • Chinese technology giant Huawei said yesterday that its revenue for the first nine months of the year grew 24.4 per cent year on year, despite a US campaign to isolate the company globally.

Huawei's revenues jumped to 610.8 billion yuan (S$118 billion) and its profit margin grew 8.7 per cent, the company announced.

The firm has been under immense pressure this year as Washington lobbied allies worldwide to avoid the company's telecommunications gear over security concerns, and in May blacklisted it from both the US market and buying crucial US components.

The United States has expressed concerns that Huawei equipment could contain security loopholes that allow China to spy on global communications traffic.

The company has repeatedly denied the accusation.

"Huawei has maintained its focus on ICT (information and communications technology) infrastructure and smart devices, and continued to boost the efficiency and quality of its operations," a company statement said.

"This contributed to increased operational and organisational stability and solidified the company's performance in the first three quarters of 2019."

Meanwhile, Huawei is also betting it can find customers for its 5G gear in India, where the government has yet to weigh in on US calls for a boycott against the Chinese company.

The world's largest maker of components for 5G networks said it is continuing to invest in India.

"The approach we took to engage with the Indian government is very transparent, direct and cooperative," said Mr Jay Chen, chief executive of Huawei's India business.

Its products remain essential to India's wireless ecosystem and technological development, he added.

AGENCE FRANCE-PRESSE, BLOOMBERG

A version of this article appeared in the print edition of The Straits Times on October 17, 2019, with the headline 'Huawei's revenue up despite US pressure'. Print Edition | Subscribe