Huawei Posts Impressive Profit for 2019

According to Huawei’s 2019 Annual Report, the company’s global business fared quite well. Sales revenue peaked at CNY858.8 billion (USD121 billion), which is a 19.1% increase compared to the previous year. This also resulted in a net profit of CNY62.7 billion (USD8.84 billion).

Despite the US government’s ban on the company, Huawei played a significant role in the commercial roll out of 5G networks around the globe. And to further promote global adoption of this technology, the company also formed 5G joint ventures with telco carriers worldwide.

Huawei’s RuralStar base station solutions have been adopted by many countries around the world to provide internet access to over 40 million people in rural areas. In addition to this, about 228 Fortune Global 500 companies are working with it to improve their tech infrastructure.

The Chinese telecommunication giant was dealt a heavy blow last year when the US government imposed a ban on its dealings with US based companies. This prevented companies like Google and Qualcomm from conducting business with Huawei freely.

Despite this, it still managed to ship about 240 million smartphones last year. In total, its consumer business achieved a sales revenue of CNY467.3 billion, which is a 34% increase compared to the previous year. Check out this link for the full 2019 Financial Report.