However Huawei will continue to focus its efforts in its 5G deployment
Huawei has revealed its first quarter revenue dropped 16.5 per cent year-on-year, as the company warned of another challenging year.
The Chinese vendor posted revenue of £16.93bn (CNY152.2bn) for Q1 2021.
Revenue dropped in line with expectations, in part due to the sale of the Honor brand last year.
Net profit margin for the quarter was up 3.8 percentage points YoY, at 11.1 per cent.
Commenting on the quarterly earnings, Huawei rotating chairman Eric Xu warned 2021 will be a challenge for the company.
“2021 will be another challenging year for us, but it’s also the year that our future development strategy will begin to take shape.
“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.”