Earlier today (29th October 2021), Huawei shared a new financial report that showcased its earning for the first three quarters of this year. In the report, the company revealed its overall sales revenue and net profit margin for the three quarters.
Looking at this report, the Chinese tech giant managed to rake in a total of 455.8 billion yuan (roughly 71.3 billion US Dollars) in sales revenue during the 9 month period. Similarly, it also recorded a 10.2 percent net profit margin as well. The company’s rotating chairman Guo Ping stated that the overall performance during this period was in line with Huawei’s expectations. He added that the consumer side of the brand’s operations did take a significant hit, but its business operations remained stable.
The senior official also said that the company will continue to strengthen its technological innovation, with more investment into research and development and talent attraction to continue to improve its operational efficiency. In the financial report, Guo Ping also expressed gratitude towards the company’s loyal customer base and its partners. However, while the report ended in a positive note it isn’t all smooth sailing for the company.
The 455.8 billion yuan total sales revenue marks a sizeable 32 percent decline year on year over 2020. Last year, the company’s first three quarters brought in 671.3 billion Yuan (roughly 1.04 trillion US Dollars). This decline can be primarily attributed to the US trade ban that it faces, with newer reports suggesting even tighter restrictions being on the way. Another major factor in the decline is also it selling off its budget smartphone subsidiary, Honor, last year to help ensuring the brand’s survival.
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