What you need to know
- Huawei may be seeing a growth in smartphone shipments again.
- The first three quarters of the year accounted for total revenues of CNY 610.8 billion ($87.5 billion).
- Revenue grew 24.4% when compared to the same period last year.
Huawei's Q3 2019 financial results show a company undeterred by U.S. pressure, as it reported a 24.4% increase in its revenues for the first three quarters of 2019 compared to last year. Net profit margins remained stagnant compared to the company's results in H1 2019 at 8.7%.
In the smartphone world, Q3 2019 may actually represent a significant turnaround in the company's fortunes. Surprisingly, the company did not provide numbers for Q3 2019 alone, instead going for an aggregated total of 185 million units in the first three quarters combined.
Huawei smartphones Q2 sales were traditionally much more stronger than on Q1 (32.5% more on average).
— Alex Barredo 📉 (@somospostpc) July 30, 2019
This year after Trump's veto it is 0%. That's quite the effect pic.twitter.com/x3dQlOePDA
With a little number crunching, however, and comparing this to the number of shipments in H1 2019 (118 million), Huawei likely shipped around 67 million units in Q3 2019. That's a significant number, given the company's smartphone shipments were stagnant at 59 million units for the first two quarters each.
Q3 2019 would thus represent a 13.5% increase in shipments compared to Q2 2019, and the first time the company's smartphone sales have increased since the company was added to the U.S. entity list. It also embodies a nearly 29% growth in shipments compared to the same quarter last year, a significant turnaround indeed given the company's ongoing battle with the U.S. government.
The company also boasted of its expanding 5G network across the world, and touted the adoption of its Horizon Digital Platform by 700 cities and 228 of the Fortune Global 500 companies as a sign of its networking and enterprise chops.
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