Huawei Technologies posts 'steady growth' in Q3

Huawei Technologies, which is facing strict US tech bans, maintained "steady growth" and profitability in its main business in the first nine months of the year, the company said.

In the first three quarters, Huawei generated 445.8 billion yuan (US$ 61.9 billion) in revenue, with a profit margin in its main business of 6.1 percent, Huawei said via its website on Thursday night. They called the result "in line with forecasts."

The private company didn't provide comparison figures. According to calculations, revenue for the third quarter alone was about 144.2 billion yuan, up 6.5 percent year on year.

"The decline in our device business continued to slow down, and our ICT infrastructure business maintained steady growth. 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," said Eric Xu, Huawei's rotating chairman.

Ti Gong

All firms including Huawei can see the difficulties confronting the present and future, considering the worsening global recession, as the next decade will be a particularly painful historical period. The first priority is survival, Ren Zhengfei, founder of Huawei, said in an internal speech in August. The speech has since been widely spread online.

Huawei is facing US sanctions, which have hampered its once mighty handset business. Instead, Huawei is developing new businesses for growth, such as cloud and autonomous driving.

In Shanghai, Huawei held several offline activities for Huawei's cloud development in October.

Huawei has upgraded its cloud store KooGallery, which offers over 9,200 products across 11 industries, including applications like finance data analysis, online meetings, livestreaming and e-commerce.

Huawei offers cloud infrastructures and capabilities and invites partners to develop diversified services on their cloud network. They can share service income and grow together.