Chinese technology company Huawei has announced its 2020 annual report. The 2020 annual report shows stronger resilience despite the harsh business conditions due to the US sanctions.
In general, Huawei’s growth has slowed, but its sales revenue and net profit increased in the period – but by meagre margins.
Sales revenue stood at CNY891.4 billion, up 3.8% year-on-year. Net profit was up as well by 3.2% to CNY64.6 billion.
Huawei is a privately owned company and doesn’t need to produce its revenue reports, yet it has been doing so and promises to keep it that way.
“No matter the circumstances, we will continue to embrace transparency by disclosing operational data to governments, customers, suppliers, employees, and partners,” the company said.
From the report, Huawei’s enterprise arm helped boost general revenue, recording a 23% uptick to CNY100.3 billion. Its consumer business grew only by 3.3% and continues to be the primary revenue driver, followed by its carrier unit. Together, the carrier and consumer unit make up over 80% of 2020 revenue.
Classifying revenue by region, the company has been only affected outside China. Massive revenue drops happened in the Americas in 2020, followed by the EMEA(Europe, the Middle East and Africa) region.
Revenue increased in China, accounting for 65.6% of the total, helping the company offset revenue drops in international markets.
Huawei also mentioned how several facets of its businesses have continued to be innovative for the past year.
“We’ve kept innovating to create value for our customers, to help fight the pandemic, and to support both economic recovery and social progress around the world.”
Ken Hu, one of the company’s rotating Chairman said they expect the surrounding complex and volatile global environment to ensue with the resurgence of COVID-19 and geopolitical tensions.
More significant challenges lie ahead, and Ling Hua, Chairman of the Board at Huawei, remarks on its commitment to open collaboration and global operations.
Follow us on Telegram, Twitter, Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to email@example.com.