Huawei announced high sales in 2020 despite the US ban

Huawei just released its 2020 annual report, and the company reports that the numbers are in line with what has been forecast: "marginal growth". Huawei's sales revenue reached 891.4 billion CNY (136.7 billion USD) with a net profit of 64.6 billion CNY (9.9 billion USD). Revenue increased 3.8% year on year and profit increased 3.2%. This is despite the US sanctions imposed by the Trump administration in 2019.

Revenue from the Americas has fallen 24.5% while revenue from China is 66%, compared with 59% in 2019. The company has seen growth in its wireless telecom business thanks to aggressive 5G deployment in China. Operator partners have heavily deployed 5G in Europe, the Middle East, and Africa.

Although Huawei's consumer business grew a bit compared to 2019, its smartphone sales have steadily declined, losing market share to other Chinese OEMs in some European markets.

According to a Bloomberg report, US sanctions against Huawei in 2019 resulted in the company's "record-breaking year". With signs of slowing smartphone business, Huawei has been trying to grow in other areas of business including smart agriculture, healthcare, and electric cars.

“The global supply chain that Huawei relies heavily on has been disrupted […] I don't know who will benefit from it, but certainly not the market. "- Rotating chairman Ken Hu said.

Huawei's corporate business has grown thanks to corporate scenario-based solutions for various industries that have helped create a digital ecosystem for the company. The company has also seen its Cloud business grow, profit from hospitals and help partners establish learning platforms serving more than 50 million young students.

Source: GSMArena

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