Huawei reported 16.5 percent decrease in sales revenue during the first quarter of 2021 to CNY152.2 billion or $23.47 billion.
Huawei said network business maintained steady growth.

Huawei’s consumer business revenue declined, in part as a result of selling the Honor smart device brand in November 2020.

Huawei’s net profit margin was up 3.8 percentage points year-on-year at 11.1 percent – the result of the company’s efforts to improve quality of operations and management efficiency, as well as a patent royalty income of S$600 million.

“2021 will be another challenging year for us, but it’s also the year that our future development strategy will begin to take shape,” said Eric Xu, Huawei’s Rotating Chairman.