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Huawei Reports Drop in Q1 Revenue

Huawei Reports Drop in Q1 Revenue

Wednesday, 28 April, 2021 - 08:45

China's Huawei Technologies saw revenue fall 16.5% in the first quarter compared to a year earlier, hurt by a dip in sales after selling its budget smartphone unit Honor in November.

Revenues were 152.2 billion yuan ($23.46 billion) in the first quarter, it said on Wednesday.

But it said net profit margin rose 3.8 percentage points compared to a year earlier to 11.1%, as the company cut costs and received a boost from $600 million in royalty payments.

The UK, New Zealand and Australia have formally blocked Huawei from their 5G networks following US pressure.

Pressure from Washington weighed on Huawei's results last year. Unlike in 2019, the group has not yet disclosed in detail the number of phones it sold in 2020.

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