The Chinese telecoms giant posted revenue of 455.8 billion
yuan ($71.32 billion) for the first three quarters on Friday, down by almost a
third on the same period a year earlier, with a profit margin of 10.2%.
Revenue for the third quarter alone came to 135.4 billion
yuan, based on Reuters calculations.
Performance was "in line with forecast", said
rotating Chairman Guo Ping.
Former U.S. President Donald Trump put Huawei on an export
blacklist in 2019 and barred it from accessing critical U.S.-origin technology,
impeding its ability to design its own chips and source components from outside
vendors.
The restrictions have badly hurt Huawei's handset business,
with rotating Chairman Eric Xu saying in September that revenue from
smartphones would dip by around $30 billion to $40 billion this year.
While Huawei did not break down its third quarter figures by
business segment, the company said that the decline is mainly attributable to
its consumer business.
Huawei occupied 8% of China's smartphone market share in the
third quarter, down from 30% a year earlier when it was the market leader,
according to Counterpoint Research.
On the other hand, Honor, formerly a sub-brand which Huawei
sold to keep it alive last November, sold 96% more phones in the same quarter
compared to a year earlier, grabbing a 15% share of the China market,
Counterpoint said.
Huawei is looking to develop new growth revenue streams
outside of base station infrastructure and handsets, with a cloud business, and
smart ports, mining and smart electric vehicles businesses.
In June it launched its Harmony operating system on
smartphones, and is looking to supply software to autos companies.
But these new lines will take some time to bear fruit, executives
said.
The company, however, has received a boost from the return
of its chief financial officer and daughter of its founder Ren Zhengfei. Meng
Wanzhou returned to work at its headquarters on Monday after almost three years
fighting extradition to the U.S. in Canada, with Chinese officials signalling
the case against her had been dropped to help to end a diplomatic stalemate.