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Huawei In The money, Despite 5G Shutout: Revenue Up 39%

Huawei Technologies has reported that Q1 revenue jumped 39 percent to 179.7 billion yuan (A$36.5 billion), despite a shutout from US and Australian 5G projects. It was the first-ever quarterly result revealed by the world’s biggest telecoms equipment maker.

Huawei said its net profit margin was around eight percent for the quarter, slightly higher than the same period last year. But it did not disclose its net profit in dollar terms.

The Chinese company said it had signed 40 commercial 5G contracts with carriers in Q1; shipped more than 70,000 5G base stations globally; and expects to have shipped 100,000 by May.

Huawei said earlier this month that network equipment sales rose 15 percent, while sales of its consumer business increased by more than 70 percent in Q1.

The limited results announcement came as the US-based CIA intensified pressure on Huawei Technologies, accusing it of being funded by Chinese state security and the People’s Liberation Army.

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