Huawei reports sharp jump in revenue despite security concerns raised by US

Chinese equipment maker Huawei launched on Monday its business results for the first quarter of 2019. The smart device manufacturer reported revenue of 179.7 billion yuan (USD 26.8 billion), an increase of 39 per cent year-on-year.

Huawei's focus on ICT infrastructure and smart devices, improved efficiency and quality of its operations has helped contribute to its solid performance in Q1 2019. In Q1 2019, the company shipped 59 million smartphones. In other business segments, Huawei has been welcomed by global consumers for its leading, innovative products and superior user experiences.

Washington's pressure on allies to avoid Huawei, China's first global tech brand, threatens to block access to Europe and other markets as carriers prepare to invest billions of dollars in next-generation technology. The company denies US accusations it facilitates Chinese spying.

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Huawei, founded by a former Chinese military engineer in 1987, is privately held but reports financial results to try to defuse Western security concerns. Huawei gave no quarterly earnings but said its profit margin in Q1 2019 was 8 per cent, slightly higher than the same period last year. That would be about 14.4 billion yuan (USD 2.1 billion).