Huawei Chairman, Ken Hu Says Its Revenue Grew Slightly Despite US Sanctions
According to the chairman of Huawei, Ken Hu, despite the US sanctions, it saw slight revenue and profit growth in 2020. Hu said this was in line with its expectations in spite of the tough sanctions against the telecom equipment maker.
The Chinese company had been on an export blacklist by former US President Donald Trump in 2019. The blacklist meant it was barred from accessing critical technology of US origin, and this, in turn, affected its ability to design its own chips and source components from outside vendors.
Huawei was also barred from working with Google. This meant that its smartphones could access Google services like the PlayStore, making it unusable outside China.
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“Huawei was confronted with some extraordinary difficulties last year. Operations were relatively stable and in line with our guidance, registering slight growth in revenue and profit,” rotating Chairman Hu said. Hu was speaking at an industry event, Mobile World Congress Shanghai in the Chinese business hub.
With President Trump gone, Huawei is looking to restore its relations with the US. In February, the company’s founder and Chief Executive Ren Zhengfei said he hoped the Biden administration would “harbour an open policy” towards U.S. firms doing business with Huawei in his first comments to the media in about a year. He also said he would like to talk about his company’s situation with the new President.
Huawei will post its full revenue statements in March 2020, according to a spokesperson.
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