Huawei records higher sales, profit in 2020 despite US sanctions

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Islamabad

Huawei continued to grow revenue and net profit in 2020 despite operational difficulties brought about by Covid-19 and ongoing sanctions imposed on the company by the US government.

The Shenzhen-based company’s annual revenue grew 3.8 percent to $136.7 billion, while net profit increased 3.2 percent to $9.9 billion, said a statement on Wednesday.

Year-on-year growth slowed, but the company’s business performance was largely in line with its forecast, Huawei said.

“Over the past year we have held strong in the face of adversity,” Ken Hu, the company’s current chairman, said.

“We have 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,” he added.

Huawei is now the world’s sixth-biggest smartphone maker with an 8 per cent market share, according to Counterpoint Research.—TLTP