Huawei has been accused by the US of being a national security risk and Washington has worked to block its access to key supplies. ©AFP GREG BAKER

Shanghai (AFP) – Huawei’s revenue growth slowed significantly in the first nine months of 2020, the Chinese telecom giant said Friday, citing “intense pressure” on operations during the coronavirus and as the US moves to cut off its access to vital components.

Huawei, the leading global supplier of telecoms networking equipment and a top smartphone producer, grossed 671.3 billion yuan ($100.7 billion) in revenue in January-September, up 9.9 percent year-on-year, the company said.

That’s down from 24.4 percent growth over the same period last year. Its profit margin was 8.0 percent, down from 8.7 percent last year.

Washington views Huawei, founded in 1987 by former People’s Liberation Army engineer Ren Zhengfei, as a Chinese espionage threat and has lobbied allies to shun its gear while attempting to block its access to global semiconductor supplies.

“As the world grapples with Covid-19, Huawei’s global supply chain was put under intense pressure and its production and operations saw increasing difficulties,” the company said.

It vowed to “do its best to find solutions, to survive and forge ahead”.

The brief announcement made no direct reference to the US pressure, nor did it include a performance breakdown for its various segments, such as smartphone sales. Privately held Huawei provides such details only for half-year and full-year earnings.

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.