Huawei posts small revenue drop in first 9 months without revealing net profit
- Huawei Technologies Co said its revenue from January to September dropped 2 per cent from the same period last year
- The company, which remains private, did not disclose the net profit of its overall business, unlike in previous years
The Shenzhen-based company on Thursday said its revenue from January to September dropped 2 per cent from the same period last year to 445.8 billion yuan (US$61.8 billion), narrowing from the 5.9 per cent revenue decline in the first half.
The company, which remains private, is not under any obligation to disclose its financial data, although it has published its revenue and net profit margin numbers for years.
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“The decline in our device business continued to slow down, and our ICT infrastructure business maintained steady growth,” Eric Xu, Huawei’s current rotating chairman, said in a statement, adding that the performance was in line with expectations.
“Going forward, we will keep bringing in top-notch talent and investing in R&D to take the competitiveness of our products to a new level.”
Huawei said during the period, it achieved a profit margin of 6.1 per cent for its “main business” – which includes earnings from selling products and services on an ongoing basis, but excludes one-time gains from the sales of businesses or subsidiaries.
The company had a net profit margin of 10.2 per cent in the same period in 2021, and 5 per cent in the first half of this year, according to financial data released previously.
The latest financial results come as Huawei struggles to diversify its revenue streams after US sanctions curbed its access to advanced chips, all but killing its once-lucrative smartphone business.
