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Huawei releases H1 2019 revenue report

The Chinese tech giant was reported to have earned $58.34bn in revenue, a 23.2% increase from last year.

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Announcing their business results for the first half of 2019 on Tuesday, Chinese tech giant Huawei revealed earnings of $58.34bn in revenue with a net profit margin of 8.7%, a 23.2% increase over the same period last year.

H1 sales revenue in the company's carrier business reached $21.29bn, with steady growth in production and shipment of equipment for wireless networks, optical transmission, data communications, IT, and related product domains. To date, Huawei has secured 50 commercial 5G contracts and has shipped more than 150,000 base stations to markets around the world.

Revenue for their enterprise business was reported to be valued at $4.59bn. Huawei's information and communications tech (ICT) portfolio spans tech across multiple domains, including cloud, artificial intelligence, campus networks, data centers, Internet of Things (IoT), and intelligent computing, supplying for government and utility customers, as well as customers in commercial sectors like finance, transportation, energy, and automobile.

The company's consumer business saw a revenue of $32.1bn, with shipments of smart devices (including Honor phones) reaching 118 million units, up 24% year-on-year (YoY), with them also witnessing growth in shipments of wearables, tablets, and PCs. To date, the Huawei Mobile Services ecosystem has more than 800,000 registered developers, and 500 million users worldwide.

"Revenue grew fast up through May," said Liang Hua, chairman of Huawei. "Given the foundation we laid in the first half of the year, we continue to see growth even after we were added to the entity list. We are fully confident in what the future holds, and we will continue investing as planned - including a total of $17.44bn in R&D this year. We'll get through these challenges, and we're confident that Huawei will enter a new stage of growth after the worst of this is behind us."