Huawei looks forward to growth in a third-quarter revenue
November 23, 2020
Tech

Huawei looks forward to growth in a third-quarter revenue

SHANGHAI (CHINA) – Huawei Technologies Co Ltd looking forward to a gain in third-quarter revenue. The impact of the COVID-19 pandemic has added on to the difficulties supply-chains have had because of US restrictions regarding business with the Chinese firm.

The figure comes in the wake of the telecommunications equipment maker announcing its latest flagship smartphone.

Sweden recently became the latest nation to ban Huawei from its fifth-generation (5G) network infrastructure, after US suspected Huawei’s relationship with China’s government. However, Huawei has dismissed these allegations.

The private company said in a statement on Friday that revenue grew 9.9% in January-September versus the same period a year earlier to 671.3 billion yuan (77 billion pounds).

Huawei said net profit margin for the nine months was 8.0%, versus 8.7% over the same period a year earlier.

The US effectively has stopped Huawei’s access to US software and chip-making equipment.

Huawei’s line of Kirin chips, designed in-house, helped boost the firm to the top of the global handset market.

The device is priced at 4,499 yuan for the feature-light version, comes along with the Kirin 9000 chipset, manufactured at the 5nm process node.

The Mate 40, however, could be the company’s last device of its kind. Already, consumers in China have rushed to buy Huawei smartphones on concerns over the availability of newer models.

Mo Jia, who tracks the global smartphone sector at researcher Canalys, said the Mate 40 is expected to perform well in China though total sales might get affect supply-chain issues.

Jia said, “Huawei won’t find it hard to sell the Mate 40 series, as most of the shipment will go to China. But it can only produce limited units powered by the Kirin 9000 series, which will impact the number of the Mate 40 phones it can ship.”

Premium rival Apple started selling two of its latest flagship iPhones in stores worldwide on Friday. Analysts are looking forward to the US firm to rope in market share from Huawei as they have been been in the forefront, when it comes to the high-end handset segment in China.

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