Chinese telecom giant Huawei generated 610.8 billion yuan (about 86.08 billion U.S. dollars) in revenue during the first three quarters of the this year, the company announced on Wednesday. The revenue represents an increase of 24.4 percent year on year, putting Huawei's net profit margin to 8.7 percent for the period. 

By the end of Q3 2019, more than 700 cities – 228 Fortune Global 500 companies, and 58 Fortune Global 100 companies – had selected Huawei as their partner for digital transformation.

Speeding up in ICT, 5G and cloud services 

Huawei has maintained its focus on ICT infrastructure and smart devices and accelerated its deployment of 5G networks around the world.

To date, Huawei has signed more than 60 commercial contracts for 5G with leading global carriers and shipped more than 400,000 5G Massive MIMO active antenna units (AAUs) to global markets. The production and supply of Huawei's optical transmission, data communications, and IT products grew steadily.

Huawei's cloud service development has also been accelerating. In Q3, Huawei announced its computing strategy and released Atlas 900, the world's fastest AI training cluster. Other innovative products include the HUAWEI CLOUD Ascend AI cluster services, 112 new services powered by Kunpeng and Ascend processors, and Industrial Intelligent Twins. 

Smartphone business grows steadily

In the consumer business, Huawei's smartphone business has grown steadily. Its smartphone shipments in the first three quarters of 2019 exceeded 185 million units, representing a year-on-year increase of 26 percent. The company also saw rapid growth in other new businesses like PCs, tablets, wearables, and smart audio products.