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Huawei's annual revenue up 3.8 per cent

3 April 2021
2745
1 min.
2
Huawei's annual revenue up 3.8 per cent

Annual revenue

Revenue at Chinese technology giant Huawei Technologies Co. increased 3.8 percent to a record 891.4 billion yuan ($136.1 billion) in 2020, the company said in a statement. At the same time, the growth rate was one of the slowest in the company's history.

Including in the consumer segment, the increase in revenues last year was 3.3% to 482.9 billion yuan. In data assurance, they were virtually unchanged at ¥302.6 billion.

In China, revenues increased 15.4 percent to 584.9 billion yuan. This was due, among other things, to the rapid development of 5G mobile communications networks. Thus, China accounted for over 65% of the company's revenues.

In Europe, the Middle East and Africa (EMEA), the company's revenues decreased by 12%, in North and South America by a quarter, according to The Wall Street Journal.

Huawei's net profit rose 3.2% year on year to 64.6 billion yuan ($9.9 billion).

The company reduced its revenues by 11.2% in the 4th quarter compared to the same period a year earlier to 220.1 billion yuan.

Huawei, the world's largest telecommunications equipment maker, has been embroiled in a US-China trade stand-off. In May 2019, the US blacklisted the company because US authorities believe it engaged in intelligence-gathering for the Chinese government. These allegations have been repeatedly denied by the company. As a result, Huawei's activities in the US market have been significantly restricted.

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