Huawei Says It Met Expectations in 2020
October 25, 2020Huawei has shared how it fared in the past 3 quarters. Despite the woes brought on by US and European governments curtailing their reliance on Huawei tech, the company seems to be doing ‘ok’. The telecoms giant generated CNY671.3 billion (USD 100.3 billion) in revenue, an increase of 9.9% over the same period last year.
This means that it had a net profit margin of 8.0% throughout the first three quarters of this year, which met Huawei’s expectations. Reeling from the damage caused by US government’s ban on it doing business with the likes of Google, Qualcomm and Intel, the Chinese giant was dealt another blow by COVID-19.
Huawei itself admits that the pandemic has put its global supply chain as well as production and operations under intense pressure. But to navigate these uncertain times, it will find solutions to continue to survive and persevere. The Chinese company will continue to leverage its strengths in various areas.
Photo Credit: Huawei
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Stating in its press release: “ Huawei will continue with its ICT technologies such as AI, cloud, 5G, and computing to provide scenario-based solutions, develop industry applications, and support 5G networks. Its stated goal is to help enterprises grow their business and help governments boost domestic industry, benefit constituents, and improve overall governance.”
It’s no secret that the company is reeling from scathing attacks by several quarters in regard to its 5G business and claims of corporate espionage. The inability to work with major US companies has barred essential access to Android, smartphone chipsets and a variety of others. This caused more than a dent in the company’s global performance since last year.
