Due to the coronavirus (COVID-19) outbreak many companies and factories were shut, Huawei generated 182.2 billion Chinese yuan (nearly $25.8 billion) in revenue in the first quarter of 2020, an increase of 1.4 per cent year-on-year, the company announced on Tuesday.
The company also reported a net profit margin of 7.3 percent in Q1 2020, a little down from 8 per cent in the first quarter of 2019.
“It is our hope that the pandemic ends as soon as possible. We also hope that every patient around the world can be treated and cured as quickly as possible. The outbreak of COVID-19 is another reminder that we share this world and share the same fate,” said Eric Xu, Huawei Rotating Chairman.
“In order to address common challenges such as this one, we need to be united, because a virus knows no borders and may target anyone, regardless of their race, skin color, or wealth,” he added.
Huawei continued to invest in technological innovation and R & D in 2019, with R & D expenses amounting to RMB 131.7 billion, accounting for 15.3% of annual sales revenue. The total R & D expenses invested in the past decade have exceeded RMB 600 billion.
“Huawei is doing everything in its capabilities to help carriers ensure stable and secure network operations. Together, we are working to meet the network demand created by social distancing as people switch to telecommuting, distance education, and e-commerce for daily necessities,” said the company.
Since the outbreak, Huawei and its partners have rapidly launched many 5G- and AI-powered medical applications.
“We are using our expertise in communications technologies to help fight the pandemic and save more lives,” it added.