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China's Huawei reports drop in Q1 revenue as smartphone income hit

·1-min read
Mobile World Congress (MWC) in Shanghai

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)