Huawei Technologies revenue for the financial year 2020 totalled 891.4 billion yuan ($136.7 billion), a 3.8% year-on-year rise in yuan terms.
However, this was slower than the 19% revenue growth in 2019.
In a statement, the Chinese telecommunications giant attributed it to “operational difficulties brought about by US sanctions in 2019 and 2020”.
In 2019, Huawei was put on a U.S. blacklist called the Entity List. In 2020, the U.S. cut Huawei off from key chip supplies it needs for its smartphones. This had a negative impact on Huawei’s smartphone sales.
- Restriction on Use of U.S Technology Goes Against Principles of an Open Ecosystem
- Huawei CEO Advocates for ‘Open Policy’ Says Won’t Give up the Ideal of Globalization
Despite the challenges, Huawei says in 2020, 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.
In addition, 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.
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.
“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 the forecast.
“We will continue to work closely with our customers and partners to support social progress, economic growth, and sustainable development.”