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  HOME | Business & Economy (Click here for more)

Huawei’s First Quarter Revenue Touches 39% despite Security Concerns

BEIJING – Chinese telecom giant Huawei announced on Monday that the firm recorded an increase of 39% year-on-year in the first quarter revenue of 2019 despite allegations of espionage and cybersecurity infringements in the last few months.

In a statement released on its website, the firm said that its net profit margin from the first quarter of the year was about 8%, “slightly higher than the same period last year.”

The statement added that Huawei sold 59 million smartphones during the first three months of 2019, which is 30 million more than what it sold during the entire of 2018.

The statement does not mention the allegations or its impact on financial figures and assured that the rise in its revenue until March was because the company, “maintained its focus on ICT infrastructure and smart devices.”

Huawei further added that it, “continued to boost the efficiency and quality of its operations,” along with, “unprecedented opportunities for growth.”

“2019 will be a year of large-scale deployment of 5G around the world, meaning that Huawei’s Carrier Business Group has unprecedented opportunities for growth,” the statement said.

In late March, Huawei had signed, “40 commercial contracts for 5G with leading global carriers, and had shipped more than 70,000 5G base stations to markets around the world.”

Huawei has had a tough last year, faced with suspicions of security flaws in its devices and the arrest of its CFO Meng Wanzhou in Canada.

Although Meng has been out on bail since December, she is not allowed to leave her mansion in Canada as she has been accused by the US Department of Justice of fraud and conspiracy to bypass sanctions imposed by Washington on Iran.

Meng was detained on the same day as United States President Donald Trump and his Chinese counterpart, Xi Jinping, met in Argentina during the G20 summit, where the two leaders signed a truce on the trade war that has been ongoing between the two countries since last year.

China and the US are likely to sign an agreement over the trade war during Meng’s extradition hearing on May 1.

Huawei has also been accused of espionage by several countries for alleged installation of back doors on its products, which generated brand mistrust in the West.

However, Huawei’s management rejected the spying allegations and had assured that its devices are more secure than any other brands.

 

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