Yesterday Huawei revealed its new Mate 40 series of smartphones, which boasted impressive technology, but crucially failed to confirm a release date for the hardware.
It wasn’t the only announcement that Huawei made yesterday either, with the financial results for the first three quarters of 2020 also being revealed.
Like many companies in 2020, Huawei’s numbers were solid, but down compared to the same quarter last year.
To that end, during the first three quarters, the company registered a reported revenue of 671.3 billion Chinese Yuan, which translates to roughly $100.7 billion. It represents a growth of 9.9 percent year-on-year, according to the Chinese firm, with it also noting that its net profit margin is 8 percent.
This is down from the 24.4 percent growth and 8.7 percent profit margin posted during the same period last year.
While those numbers are relatively solid, Huawei did acknowledge that it is not necessarily where it was hoping to be at this stage of the year, citing COVID-19 as heavily impacting its ability to operate over these past few months.
As such, 2020 has shaped up to be a year where growth has slowed.
“As the world grapples with COVID-19, Huawei’s global supply chain is being put under intense pressure and its production and operations face significant challenges. The company continues to do its best to find solutions, survive and forge forward, and fulfil its obligations to customers and suppliers,” it noted in a press release.
Interestingly, there is no direct mention of the impact that continued tensions between the United States and China have had, despite it resulting in many US firms not being able to work with Huawei, with the most notable being Google.
That said, during yesterday’s Mate 40 press conference, consumer business group CEO Richard Yu did note that the actions of the US government were unfair, and that Huawei will continue to push in growing its ecosystem regardless of hurdles.
“Moving forward, Huawei will leverage its strengths in ICT technologies such as AI, cloud, 5G, and computing to provide scenario-based solutions, develop industry applications, and unleash the value of 5G networks along with its partners. Its stated goal is to help enterprises grow their business and help governments boost domestic industry, benefit constituents, and improve overall governance,” the press release added.
With the situation in the US showing no signs of changing at this stage, as well as supply chains continuing to be negatively impacted by COVID-19, the coming months will prove crucial for the firm.