Huawei has released its business results for the first three quarters of 2020.
According to its numbers, the technology corporation generated $98.57 billion in revenue, a 9.9% jump from the same period in 2019. The numbers represent a notable drop in growth.
In the first three quarters of 2020, the company’s revenue growth was 24.4%.
Huawei further says that its net profit margin in the period under analysis was 8%. This is 0.7% down in the same period in 2019.
Basically, the projections made for the period were met.
The numbers could have been much higher, but Huawei has been battling a fair share of business issues. Since May 2019, the company no longer sells devices with Google services and apps, among other products sold by American companies followed a ban by the Trump administration.
The issues were escalated following the COVID-19 outbreak that has since stretched global supply chains.
Just the other day, the company was stopped from fabricating chips via companies affiliated to the US, further crippling its business conglomerate, particularly the HiSilicon arm.
Nevertheless, Huawei says it is doing its best to find solutions, survive and surge forward to fulfil its obligations to customers and suppliers.
It is not apparent how the company will restructure its business to meet its goals.
Its newest and flagship chip, the 5G-capable Kirin 9000 is powering its latest release, the Mate 40 line that has been lauded for impeccable design and class-leading camera performance. It has also been reported that Huawei has 10 million of the chips, which is not good based on the number of devices it pushes to consumers – and bearing in mind that it might not be possible to acquire additional batches.
The Mate 40 phones will also be released in limited numbers following less excitement from consumers, mainly due to the Google services case.
Huawei is planning to upgrade its phone line to HarmonyOS for the better part of 2021. The move is said to see it break away from Google dependency. However, it is not clear if the move is a placeholder as it waits if the US will see a regime change that will make way for renegotiations about the ban.