(Yicai Global) April 21 -- Revenue at Huawei Technologies slowed to 1.4 percent in the first quarter of this year from 39 percent a year earlier amid the economic fallout caused by the coronavirus outbreak and US sanctions on the Chinese tech giant.
Revenue came in at CNY182.2 billion (USD25.7 billion) in the three months ended March 31, the Shenzhen-based company said in a press release posted on its website today. Net profit margin was 7.3 percent, compared with 8 percent in the same period last year. The firm did not provide a figure for net profit.
Business is continuing as usual and Huawei’s overall business results were in line with its own expectations, the company said.
During the global pandemic, Huawei is working with telecoms carriers to ensure stable and secure network operations as people switch to telecommuting, distance education, and e-commerce for daily necessities, it added.
Huawei's outlook for the year is for sales to hold up, with greater input from China, though it is already under pressure due to US sanctions, Richard Yu, the company’s consumer business head, told reporters earlier this month.