Despite trade restrictions put in place by the US, Chinese technology giant Huawei on Wednesday said it generated CNY 610.8 billion ($86 billion) revenue during the first three quarters of this year, an increase of 24.4 percent year-on-year, with a net profit margin of 8.7 percent.

Huawei said its smartphone shipments in the first three quarters of this year exceeded 18.5 crore 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.

Amid fears of getting cut off from the Android systems due to the US-China trade war, Huawei in August launched its own operating system called HarmonyOS.

Richard Yu, the head of Huawei's consumer business, during a media interview last month said that if the situation does not change with the US government, the company would start using its HarmonyOS.

Announcing its business results for the third quarter of this year on Wednesday, Huawei said it has signed more than 60 commercial contracts for 5G with leading global carriers - 10 more contracts from the 50 it reported in July. The company registered this growth despite the US asking its allies not to use Huawei equipment for 5G networks.

"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," the company said in a statement.

First Published:Oct 17, 2019 9:12 AM IST