Despite US sanctions, Huawei says 2020 net profit up 3.2%

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Chinese tech behemoth Huawei said its growth slowed in 2020, but the company’s business performance was largely in line with forecast.

Huawei rotating chairman Ken Hu

Huawei said its sales revenue in 2020 rounded off at ¥891.4 billion, up 3.8% year-on-year, and its net profit reached ¥64.6 billion, up 3.2% year-on-year.

Despite operational difficulties brought about by US sanctions in 2019 and 2020, Huawei said it has continued to invite accounting firm KPMG to audit its 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 Chinese firm said.

In 2020, Huawei said its 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,” it said.

During the pandemic, Huawei said it 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.

Huawei said it 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 said its consumer business moved forward with its Seamless AI Life strategy to provide consumers with an intelligent experience across all devices and scenarios, focusing on smart office, fitness & health, smart home, easy travel, and entertainment.

“Over the past year we’ve held strong in the face of adversity,” said Ken Hu, Huawei’s rotating chairman. “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.

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