SHANGHAI: Chinese telecom giant Huawei said on 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 per cent to 64.6 billion yuan ($9.9 billion) in 2020, while revenue inched 3.8 per cent 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.
Before the US pressure began, revenue growth was routinely in the neighbourhood of 30 per cent or more, though it slowed to around 19 per cent in 2019.
“Over the past year we’ve held strong in the face of adversity’’, chairman Ken Hu said in a statement.
Smartphone sales have plateaued after the US cut Huawei off from key components and banned it from using Google’s Android operating systems in its handsets. — AFP
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