Wednesday, July, 17, 2019 01:01:40

The unaudited figures which have been recently published are the first-ever quarterly update of the company.

Huawei Technologies Co. Ltd. has reportedly announced that the first-quarter revenue of the company has jumped 39 percent to 179.7 billion yuan ($26.81 billion). The Chinese telecom company has made further inroads in the market for 5G wireless technology.

According to the press release by Huawei, the company has signed 40 commercial contracts for supplying carriers with 5G technology. It has shipped over 70,000 5G base stations. The net profit margin of Huawei has also increased to about 8 percent.

The Shenzhen-based Huawei publishes a detailed audited financial report every year. The unaudited figures which have been recently published are the first-ever quarterly update of the company. The update has not included the detailed results or net profit figure for its separate business lines.

Huawei’s consumer business, including tablets, smartphones and other gadgets, has been performing well. The company has shipped 59 million smartphones in this quarter. It has been planning to roll out the Mate X, foldable smartphone, worth $2,600. Though Huawei smartphones are not available to U.S. consumers, its foldable smartphone will compete with Galaxy Fold of Samsung Electronics Co.

The U.S. campaign has been urging its allies to block the use of Huawei’s products in their 5G services. Huawei gear has been effectively blacklisted from the U.S. considering it a cybersecurity threat. New Zealand and Australia have taken steps to limit the use of Huawei gear. However, it has remained to be a major supplier in Europe.

Huawei has reportedly stated that its gear is safe. The executives of the company have conducted several press events to pushback against the campaign, arguing that the company has been targeted unfairly. It has filed a lawsuit earlier this year, challenging a U.S. law that has banned federal agencies from purchasing its products.

Huawei is the Chinese manufacturer of telecommunications equipment. It has risen as a huge supplier of technology for superfast 5G networks.

Source Credit:   https://www.marketwatch.com/story/huawei-revenue-soars-thanks-to-5g-contracts-2019-04-22?mod=newsviewer_click