SHENZHEN, China (Reuters) – China’s Huawei Technologies saw revenue fall 16.5% in the first quarter compared to a year earlier, hurt by a dip in sales after selling its budget smartphone unit Honor in November.
Revenues were 152.2 billion yuan ($23.46 billion) in the first quarter, it said on Wednesday.
But it said net profit margin rose 3.8 percentage points compared to a year earlier to 11.1%, it said, as the company cut costs and received a boost from $600 million in royalty payments.
($1 = 6.4866 Chinese yuan renminbi)
(Reporting by David Kirton; Editing by Edmund Blair)
Source link