Sunday, September 19, 2021
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Huawei Q1 results: Revenue slips 16.5% on lower consumer business growth

Shenzhen — Huawei announced its business results for the first quarter of 2021 today. The report says, in Q1, Huawei’s net profit margin was up 3.8 percentage points year-on-year at 11.1% but revenue witnessed a 16.5% decrease year-on-year.

The company said that its network business maintained steady growth, while consumer business revenue declined, in part as a result of selling the Honor smart device brand in November 2020.

This is a result of the company’s ongoing efforts to improve the quality of operations and management efficiency, as well as a patent royalty income of $600 million.

“2021 will be another challenging year for us, but it’s also the year that our future development strategy will begin to take shape,” said Eric Xu, Huawei’s Rotating Chairman. “We thank our customers and partners for their ongoing trust. No matter what challenges come our way, we will continue to maintain our business resilience. Not just to survive but do so sustainably. As always, we will remain focused on the needs of our customers and keep delivering practical business value.”

The company said that it is driving efforts to fully unleash the value of 5G. It is helping carriers around the world roll out their 5G networks, meeting the demands of consumers and industries alike while boosting its own delivery efficiency. It continues to improve its software engineering capabilities and ramp up investment in the software sector to gradually increase the proportion of software and services in its total revenue mix.

“As always, we remain committed to technological innovation and investing heavily in R&D as we work to address supply continuity challenges caused by restrictions in the market,” stressed Xu. “We will continue making breakthroughs in basic science and pushing the frontiers of technology.”

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