Huawei posts record profit but US pressure, Covid pandemic hit revenue growth

Chinese telecom giant Huawei said Wednesday it achieved the latest in a string of record profits last year, but revenue growth slowed sharply because of the pandemic and tightening US pressure that has pushed it into new business lines to survive.

Unlisted Huawei said net profit rose 3.2 percent to 64.6 billion yuan ($9.9 billion) in 2020, while revenue inched 3.8 percent higher to 891.4 billion yuan.

The world’s leading supplier of telecom networking gear and a top smartphone brand, Huawei faces uncertainty since the administration of former president Donald Trump launched a campaign in 2018 to contain the company.