Chinese technology giant Huawei reported a 39% year-on-year growth in revenue of 179.7 billion yuan (US$ 26.82 billion) for the first quarter, according to a company statement.

The company’s net profit margin in the first quarter was about 8%, slightly higher than in the same period last year.

For consumer businesses, Huawei recorded smartphone sales of more than 59 million units.

By the end of March, the company signed 40 5G commercial contracts with carriers around the globe, with more than 70,000 5G bases shipped to different markets.

Huawei completed about 21% of its revenue target in the first quarter, it said. It has set its full year revenue target at US$125.9 billion for 2019, of which its consumer business group is aiming for US$65 billion, its carrier business group US$44.1 billion and corporation solutions US$16.8 billion.