Chinese telecom-equipment giant Huawei Technologies Co. said Tuesday that its revenue rose 1.4 percent from a year earlier to 182.2 billion yuan ($25.76 billion) despite the outbreak of the pneumonia-causing coronavirus.
But the pace of revenue growth was much slower than the 39 percent expansion posted in the first three months of 2019, as many analysts say the virus pandemic has significantly stifled private spending across the globe.
"The company and its supplier network are working together to address the tough challenges facing production and resume operations," Huawei said in a statement, adding its overall business results in the first quarter "are in line with expectations."
Huawei, a leader in next-generation 5G mobile communications networks, stressed that its business is "continuing as usual" and it is "doing everything in its capabilities to help carriers ensure stable and secure network operations."
Some economists, however, say Huawei's corporate performance may worsen down the road, as the global economy has been hit hard by the pandemic of the virus that causes the respiratory disease COVID-19.
China's economy, the second biggest in the world, also marked its first quarterly contraction on record during the January-March period, down 6.8 percent from the previous year, with retail sales of consumer goods plunging 19.0 percent.
Moreover, fears are lingering that China's prolonged trade and technology dispute with the United States could deal a blow to Huawei's sales, as Washington has still tried to exclude the firm from government contracts on grounds of security concerns.
U.S. President Donald Trump, who has pursued protectionist policies as part of an "America First" agenda, has also voiced wariness over China's rise in cutting-edge technologies.
Chinese Foreign Ministry Spokeswoman Hua Chunying told reporters earlier this month, "We will not sit idle and watch the U.S. resort to technological bullying."
The 5G technology is known to enable transmission of large amounts of data at extremely high speeds, allowing telecommunication devices to connect to almost all products and services through the wireless network.
The virus was first detected in the central Chinese city of Wuhan, a business and transportation hub with a population of around 11 million.
While the pace of new infections has decelerated in China, the virus has killed more than 170,000 people globally, according to a tally by Johns Hopkins University.