The last few years were quite tough for Huawei, especially after the US ban saga, Huawei has to face a lot. Most of the companies from the US backout and decided not to provide services to the Chinese Smartphone brand, rendering it a spy brand. Among these companies, the most important one was Google which announced that it will not be giving any kind of support to Huawei in terms of operating system Android. At that time, Huawei had to back off as well and announced that it will be soon launching its own operating system- Harmoney. and also said that it does not need anyone’s support in this matter. No doubt, the Chinese smartphone maker proved it as it posts strong revenue in 2020. Huawei’s 2020 annual report published by the company reveals that it has witnessed successful marginal growth.
Huawei’s 2020 Annual Report Reveals Company’s Strong Revenue Growth
Huawei enjoyed a sales revenue of $136.7 billion with a net profit of $9.9 billion. This revenue is 3.3% up on a YOY basis and the profit witnessed is 3.2%.
While telling about this revenue, Ken Hu, Rotating Chairman, Huawei said:
Over the past year, we’ve held strong in the face of adversity. We’ve kept innovating to create value for our customers, to help fight the pandemic, and to support both economic recover and social progress around the world. We also took this opportunity to further enhance our operations, leading to a performance that was largely in line with forecast.” – Rotating Chairman Ken Hu
Sales revenue in America was 24.5% however sales within China were 66% as compared to 59% previous year. The company has witnessed growth in its wireless telecom business due to the 5G rollout in China.
Huawei’s business has grown due to the company’s already formulated solutions that helped create a digital ecosystem for the company.