Huawei 1Q revenue edges up, profit margin narrows
Chinese tech giant Huawei says its revenue edged up 0.8% from a year earlier in the first three months of 2023 and the company was profitable
By AP News
Published - Apr 28, 2023, 06:11 AM ET
Last Updated - Jun 22, 2023, 02:28 AM EDT
BEIJING (AP) — Chinese tech giant Huawei reported Friday that its revenue edged up 0.8% from a year earlier in the first three months of 2023 and the company was profitable.
Revenue rose to 132.1 billion yuan ($19.1 billion), a company statement said. It said its net profit margin was 2.3%, down from 4.3% a year earlier.
The company, headquartered in Shenzhen, near Hong Kong, has responded to U.S. sanctions that devastated its smartphone brand by expanding into serving hospitals, ports and other industrial customers.
It gave no breakdown of sales by global region or business line. It said spending on research and development increased but gave no details.
