Chinese company Huawei Technologies on Thursday reported modest second-quarter revenue growth, citing steady growth at its ICT infrastructure business as it gains traction after US sanctions hit its once-powerful phone business. billion) in the first three quarters, down 10 billion yuan from the same period last year, the company said on Thursday.
Profit fell 42.45% to 26.75 billion yuan in the same period, according to Reuters calculations, a decline that a company spokesman attributed to investments in research and development and new business areas. Revenue in the third quarter alone reached 144.2 billion yuan. , up to 6.
5% YOY, according to Reuters calculations. The performance is in line with the company's forecast, said rotating chairman Eric Xu. Increase. The United States placed Huawei on an export blacklist in 2019, barring the telecom giant from buying components and technology from US companies without a U Regulatory Approval.
The move has severely hampered Huawei's mobile phone business, which controlled 42% of the Chinese market in 2019. The company is now slightly behind its peers, including its former budget unit, Honor, which it sold in 2020. Huawei is pushing to develop other businesses that rely less on US technology, including intelligent vehicle components, energy-efficient systems, and cloud services.
In the first nine months, the Aito M5 vehicle, which Huawei co-developed with Seres, ranked 10th among all electric SUV models by sales in China, according to the China Passenger Car Association.