The private company did not reveal its profits, but it did say that its net profit margin had increased slightly to 8%.
Huawei sells more telecommunications equipment than any other company in the world, and its smartphone business is growing faster than that of Samsung or Apple (AAPL).
But it has come under intense pressure from a US campaign to curb its ambitions to become the global leader of next generation wireless technology, or 5G.
Huawei touted its 5G business in its statement on Monday, saying it has signed 40 commercial contracts for 5G with leading global carriers.
2. Iran sanctions: Crude oil futures have spiked after the Washington Post reported that the United States will end sanctions waivers that had allowed some countries to continue buying Iranian oil.
Secretary of State Mike Pompeo will announce Monday that the United States will no longer grant waivers as of May 2, the newspaper reported.
US crude prices increased 2.4% to $66.50 following the report. Brent crude, the international benchmark, advanced 2.7% to $73.90. Both markets are now at their highest level since late 2018.
According to the Washington Post, Pompeo is set to announce that countries such as Saudi Arabia and the United Arab Emirates have agreed to make up for lost supply from Iran.
3. Tesla trouble: This is shaping up to be a very big week for Tesla (TSLA).
The company is likely to face tough questions from investors and customers after one of its vehicles appeared to explode in China.
A short video circulating on social media shows white smoke emerging from what looks like a white Tesla car parked in Shanghai. After a few seconds, the vehicle bursts into flames.
"We immediately sent a team on-site and we're supporting local authorities to establish the facts. From what we know now, no one was harmed," a Tesla spokesperson told CNN Business.
The electric carmaker will hold its investor day on Monday. It's expected to reveal a major loss on Wednesday when it reports earnings.
Tesla said Friday that four directors will leave the company — shrinking the size of its board to seven. One departing board member, Steve Jurvetson, is considered a close ally of CEO Elon Musk.
4. Global market overview: US stock futures were lower. Stocks in Asia were mixed. European markets were closed for a holiday.
The Dow Jones industrial average closed out the shortened trading week by gaining 0.4% on Thursday. The S&P 500 added 0.2% and the Nasdaq closed flat.
5. Earnings and economics: Halliburton (HAL) will release earnings before the open. Whirlpool (WHR) will follow after the close.
A report on US existing homes sales for March will be published at 10:00 a.m. ET.
6. Coming this week:
Monday — European markets closed, Tesla holds its investor day
Tuesday —Twitter, Snap and Procter & Gamble earningsWednesday — Facebook, Boeing, and Tesla earningsThursday — Amazon and Starbucks earningsFriday — US first-quarter GDP; April consumer sentiment
Monday — European markets closed, Tesla holds its investor day
Tuesday —Twitter, Snap and Procter & Gamble earningsWednesday — Facebook, Boeing, and Tesla earningsThursday — Amazon and Starbucks earningsFriday — US first-quarter GDP; April consumer sentiment
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