Huawei Reports Single Digit Growth in Q3 Results

China based tech giant Huawei Technologies Co Ltd announced its results for the third quarter registering a 3.7% growth in the quarter. This becomes the only quarter of the year the company failed to post double digit growth in its quarterly results.

In a statement provided by the company, for the period January to September Huawei generated revenue of 671.3 billion yuan ($100.4 billion). This value denotes a 9.9% increase compared to what the company generated last year in a similar period.

In the third quarter only, the company posted revenue of 217.3 billion yuan a value relatively higher than the 209.5 billion yuan posted by the company in the same quarter last year.

Net profit margin for Huawei from January to September was 8% slightly lower than the 8.7% net profit margin the company registered in the similar period last year.

Sources have revealed that Huawei is engaging Digital China Group Co Ltd (000063) concerning a potential deal to sell part of its Honor brand smartphone business. The deal could fetch Huawei around 25 billion yuan if it goes through.

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