Smartphone Company Huawei on Wednesday announced its business results for the third quarter of the year 2019.
Huawei in a statement said that they generated CNY610.8 billion (Sh8.924 trillion) in revenue during the first three quarters of this year, representing an increase of 24.4 per cent year-on-year.
They posted a net profit margin of 8.7 per cent in the period.
The company said that the increased revenue is attributed by their increased investment on infrastructure and smartphone devices.
It revealed that its smartphone shipments in the first three quarters of 2019 grew steadily exceeding 185 million units, an increase of 26 per cent year-on-year.
The company also saw rapid growth in other new device businesses like PCs, tablets, wearables, and smart audio products in the first three quarters.
The tech firm launched Vision smart screen, featuring unique innovations in software and hardware, during this quarter.
The company said it has sped up the commercial deployment of 5G networks around the world.
“Huawei has continued to launch innovative solutions with leading carriers like 5G Super Uplink, smart & simplified transport networks. The company has also worked with industry partners to establish an industry alliance and an industry innovation base for 5G deterministic networking to enable the innovation and growth of carriers.”
“To date, Huawei has signed more than 60 commercial contracts for 5G with leading global carriers and shipped more than 400,000 5G Massive MIMO active antenna units (AAUs) to global markets.”
Huawei’s production and supply of optical transmission, data communications, and IT products also grew steadily in this quarter.
The company launched the Huawei Horizon Digital Platform to build a foundation for the digital world, creating a digital transformation industry worth trillions of US dollars. This platform will also help various sectors like government, public utilities, finance, transportation, and electricity to speed up their digital transformation.