Huawei posts record profit but revenue growth sags

Photo of Milford Sound in New ZealandPhoto of Milford Sound in New Zealand

Chinese telecom giant Huawei said Wednesday it achieved a record profit last year, but revenue growth slowed sharply amid the pandemic and tightening US pressure that has pushed the company into new business lines to survive.

 

Unlisted Huawei said net profit rose 3.2 percent to 64.6 billion yuan ($9.9 billion) in 2020, while revenue inched 3.8 percent higher to 891.4 billion yuan.

The world’s leading supplier of telecom networking gear and a top smartphone brand, Huawei’s future has clouded over since the former Trump administration in 2018 launched a campaign to contain the company which has gradually eaten into its bottom lines.

Photo of Milford Sound in New Zealand
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