Huawei revenue rises again despite struggles

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Sales jump nearly a quarter in Q3

Huawei saw its revenue climb by nearly a quarter in Q3, with the Chinese vendor claiming it has signed more than 60 commercial 5G contracts with global carriers.

Sales hit CNY610.8bn (£67.5bn), up 24.4 per cent, with a net profit margin of 8.7 per cent.

Huawei has been banned from involvement in 5G networks by a number of governments, and is currently unable to trade with US companies because of sanctions imposed by Donald Trump.

The vendor said its operations have been "solidified" by a boost in efficiency and quality of operations.

Huawei did not reveal any further details on its US business, which was gutted earlier in the year because of the sanctions.

In July the vendor said that it faces "difficulties ahead" as result of its tussle with America and the US-China trade war, estimating that the political unrest could cost it around $30m in annual revenue.

The stability in the vendor's mobile phone business has surprised many, with shipments exceeding 185 million units in the first three quarters of 2019 - up 26 per cent year on year.

The future of Huawei's smartphone business has been questioned since it was banned from using Google's Android operating system.

The vendor also said that it saw "rapid growth" in new business areas, including PCs, tablets, wearables and smart audio products.

Huawei is privately held and not required to publish earnings releases, but has started doing so as part of its initiative to make itself more transparent in the face of scrutiny.