HONG KONG—Huawei Technologies Co. said its first-quarter revenue jumped 39% to 179.7 billion yuan ($26.8 billion), as the Chinese telecom giant made further inroads in the market for 5G wireless technology.

Huawei said it has signed 40 commercial contracts to supply carriers with 5G technology, and shipped more than 70,000 5G base stations. It said its net-profit margin rose slightly to about 8%.

Shenzhen-based...