This is despite the pressure from the United States and the impact of the COVID-19 pandemic.
The company said its revenue in the first quarter rose by about a percent to $25.72 billion, versus a 39 percent growth posted a year ago. Its net profit margin over the period narrowed to 7.3 percent from about eight percent a year ago.
Huawei did not disclose its net profit and Vice President Victor Zhang said: “The growth rate has slowed, but this is also a resilient performance in the face of both the entity list and the coronavirus we are facing at this moment.”
Zhang said it was difficult to gauge what the coronavirus pandemic’s impact would be in the short or long term. He presented the results from London rather than Huawei’s Shenzhen base to mark 20 years of business in Europe.
Zhang also shrugged off criticism for so-called “mask diplomacy”, saying the company had no ulterior motive behind its donations of millions of protective masks to countries across Europe amid the rise in coronavirus cases there.
Critics say the move could be a ploy to win contracts after the EU restricted Huawei’s role in 5G networks to address cybersecurity risks.. Huawei has denied that its equipment poses any risk.
“Definitely we will support some countries where there is a lack of PPE (Personal Protective Equipment), it is not because of Huawei’s business, it’s because of corporate social responsibility”, he said. Huawei has said that 2020 would be its most difficult year yet, with the United States showing no sign of easing trade restrictions while also pressuring its allies to exclude the Chinese company from 5G networks.
Zhang said new restrictions on chips to his company would not make economic sense.
“Huawei wants to work with all the companies, all the partners and all the suppliers, which includes American companies”, he added.