Staff Reporter Islamabad
Huawei announced its business results for the first quarter of 2021 today, which were in line with forecast.
In Q1, Huawei generated CNY152.2 billion in revenue, a 16.5% decrease year-on-year. Its network business maintained steady growth, while consumer business revenue declined, in part as a result of selling the Honor smart device brand in November 2020.
Huawei’s net profit margin was up 3.8 percentage points year-on-year at 11.1% – the result of the company’s ongoing efforts to improve quality of operations and management efficiency, as well as a patent royalty income of US$600 million.
‘2021 will be another challenging year for us, but it’s also the year that our future development strategy will begin to take shape,’ said Eric Xu, Huawei’s Rotating Chairman. ‘We thank our customers and partners for their ongoing trust.