All is still good for Huawei
Despite having a rollercoaster 2019 due to the US Trade Ban and other issues associated with it, Huawei remains to be stable when it comes to growth. In its 2019 financial report, Huawei reports an overall global sales of CNY 858.9 Billion(~$ 121 Billion) on a 19% year-to-year growth and a net profit of CNY 63 Billion(~$ 8 Billion). Reuters reports that this is Huawei’s smallest profit increase in three years.
Huawei’s Consumer Business delivered the highest revenue at CNY 467.3 Billion (34% growth), with China having the biggest increase in revenue at 36.2%. Europe, Middle East, and Africa (EMEA) and the Americas have experienced increased revenue at 0.7% and 9.6% respectively, while Asia Pacific experienced a decrease in revenue by 13.9%.
“Despite enormous outside pressure, our team forged ahead with a singular focus on creating value for our customers. We worked hard to earn their respect and trust, as well as that of our partners around the globe. Business remains solid,” Huawei rotating Chairman Eric Xu said.
Even with the increased pressure due to the US Trade Ban and the current COVID-19 pandemic, Huawei will be investing 15.3% of its revenue towards research and development that includes a wider rollout of 5G networks globally.
“We need to keep enhancing the competitiveness of our products and services, promoting open innovation, and creating greater value for our customers and society at large. This is the only way we can seize the historic opportunities presented by the digital and intelligent transformation of industries, and maintain robust growth in the long run,” Xu adds.