Huawei posts revenue of $136.7 billion for rough 2020


Huawei posts revenue of $136.7 billion for rough 2020

Chinese telecommunication giant Huawei Technologies has defied the relentless crackdown by the former Trump administration by posting a reported revenue increase of 11.2 percent, as the company allocated 10 billion yuan ($1.55 billion) as dividends for employees during a difficult year, media reports said on Monday.

Huawei has recorded a revenue of $136.7 billion for 2020, up 11.2 percent year-on-year, while its profit rose 10.4 percent to $9.9 billion, financial news portal reported on Monday, based on unaudited internal accounting reports.

The figure meant that Huawei still managed to lock in over $100 billion in revenue despite having gone through a year of relentless beating by the Trump administration, which put the company on a blacklist and curtailed the sales of vital parts and technologies to the company by even companies not from the US.

For the first three quarters of 2020, Huawei’s sales revenue was 671.3 billion yuan ($103.96 billion), up 9.9 percent from the corresponding period the previous year.

Historically Huawei will release its annual earnings report in March or April.

Separately, Huawei is reportedly allocating 10 billion yuan as dividends to its employees at an estimated 1.86 yuan per share.

Source: Global Times