Huawei Technologies reports 13.7% fall in Jan-Sep net profit

BEIJING (Reuters) – China’s Huawei Technologies on Thursday reported a 13.7% drop in nine-month net profit despite a 29.6% revenue jump.

Net profit for the January-September period fell to 62.9 billion yuan ($8.83 billion) from 72.9 billion yuan a year earlier on revenue that rose to 585.9 billion yuan from 452.3 billion yuan, the Chinese telecoms giant and smartphone maker said in a statement to the Shanghai Clearing House without elaborating.

($1 = 7.1195 renminbi)