Huawei revenue growth wilts under ‘intense pressure’

  • Date: 25-Oct-2020
  • Source: Jordan Times
  • Sector:Economy
  • Country:GCC
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Huawei revenue growth wilts under ‘intense pressure’

SHANGHAI “” Huawei's revenue growth slowed significantly in the first nine months of 2020, the Chinese telecom giant said on Friday, citing "intense pressure" on operations during the coronavirus and as the US moves to cut off its access to vital components.

Huawei, the leading global supplier of telecoms networking equipment and a top smartphone producer, said it grossed 671.3 billion yuan ($100.7 billion) in revenue in January-September, up 9.9 per cent year-on-year.

That's down from 24.4 per cent growth over the same period last year, while its profit margin fell to 8 per cent from 8.7 per cent last year.

Washington views Huawei, founded in 1987 by former People's Liberation Army engineer Ren Zhengfei, as a Chinese espionage threat and has lobbied allies to shun its gear while attempting to block its