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Huawei earnings meet expectations despite pandemic, U.S. sanctions

Huawei reaffirms commitment to creating greater value for customers and society in the face of adversity, writes Chisom ADA

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Huawei office
Huawei office

Huawei has released its 2020 Annual Report. Growth slowed, but the company’s business performance was largely in line with forecast.

Huawei’s sales revenue in 2020 rounded off at CNY891.4 billion (USD135.85 billion), up 3.8% year-on-year, and its net profit reached CNY64.6 billion (USD 9.83 billion), up 3.2% year-on-year.

Despite operational difficulties brought about by U.S. sanctions in 2019 and 2020, Huawei has continued to invite KPMG to independently and objectively audit our financial statements.

The document produced by KPMG is a standard unmodified audit opinion.

“No matter the circumstances, we will continue to embrace transparency by disclosing operational data to governments, customers, suppliers, employees, and partners”, the Company said.

In 2020, Huawei’s carrier business continued to ensure the stable operations of more than 1,500 networks across more than 170 countries and regions, which helped support telework, online learning, and online shopping throughout COVID-19 lockdowns.

Working together with carriers around the world, the company helped provide a superior connected experience and moved forward with more than 3,000 5G innovation projects in over 20 industries like coal mining, steel production, ports, and manufacturing.

Over the past year, Huawei’s enterprise business stepped up efforts to develop innovative scenario-based solutions for different industries and create a digital ecosystem that thrives on joint creation and shared success.

During the pandemic, Huawei provided technical expertise and solutions that were vital in the fight against the virus.

One example is an AI-assisted diagnostic solution based on HUAWEI CLOUD that helped hospitals the world over reduce the burden on their medical infrastructure.

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Huawei also worked with partners to launch cloud-based online learning platforms for more than 50 million primary and secondary school students.

With the rollout of HarmonyOS and the Huawei Mobile Services (HMS) ecosystem, Huawei’s consumer business moved forward with its Seamless AI Life strategy (“1 + 8 + N”) to provide consumers with an intelligent experience across all devices and scenarios, focusing on smart office, fitness & health, smart home, easy travel, and entertainment.

HUAWEI AppGallery

HUAWEI AppGallery

“Over the past year we’ve held strong in the face of adversity,” said Huawei’s Rotating Chairman, Ken Hu. “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. We also took this opportunity to further enhance our operations, leading to a performance that was largely in line with forecast.

“We will continue to work closely with our customers and partners to support social progress, economic growth, and sustainable development.”

All financial statements in the 2020 Annual Report were independently audited by KPMG, an international Big Four accounting firm.

Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices.

The Company has more than 197,000 employees, and operates in more than 170 countries and regions, serving more than three billion people around the world.

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  1. Pingback: Huawei earnings meet expectations despite pandemic, U.S. sanctions - 9jaheadies

  2. Pingback: Huawei Earnings Meet Expectations Despite Pandemic, U.S. Sanctions | Techvalley

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