POLITICS & INSTITUTIONS - ECONOMY

Chinese market offsets impact of US sanctions: Huawei 2020 results



In 2020, Huawei had operations of 1,500 networks across over 170 countries and regions Shutterstock

In 2020, Huawei had operations of 1,500 networks across over 170 countries and regions Shutterstock

The multinational tech giant announced its 2020 results during a press conference in Shenzhen on Wednesday, where rotating chairman Ken Hu revealed 2020 overall revenue growth year-on-year of 3.8% to 891.4bn yuan ($136.7bn). Net profits were also up by 3.2% to 64.6bn yuan ($9.86bn). 

Its home market of China captured the largest proportion (65.6%) of total revenue (+15.4%, or $89.28bn). 

While the EMEA region captured the second largest proportion of revenue based on region (20.3%), the figure nevertheless dropped by 12.2% to 180.8bn yuan ($27bn). 

Revenues in the Asia-Pacific and the Americas dropped (-8.7% and -24.5%, respectively), the latter in part due to the “unfair sanctions placed on us by the US,” explained Hu, who added that it remains to be seen whether the Biden administration will ease up restrictions. 

In 2020, Huawei had operations of 1,500 networks across over 170 countries and regions and moved forward with 3,000 5G innovation projects in a variety of industries, including steel production, manufacturing and coal mining. 

“In 2021, we will continue to find ourselves in a complex and volatile global environment,” Hu said. “Resurgence of covid-19 and geopolitical uncertainty will present ongoing challenges for the global community.”

Correction: This story was updated on 2 April at 8.10am to correct the name of chairman Ken Hu.