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Thursday, 2 January 2020

Huawei Declares $122 Billion Revenue Despite US Sanctions

Despite United States sanctions, Huawei declared $122 Billion in revenue. According to Huawei’s chairman, Eric Xu, this is a record high, an 18% increase over its 2018 earnings. It however warned about an even more difficult 2020 in a report.

The Chinese tech giant sold over 240 million smartphones globally, 34 million more handsets than 2018.

In a statement to employees, he said, “These figures are lower than our initial projections, yet business remains solid and we stand strong in the face of adversity.”

Huawei was blacklisted by the US Trade and Commerce Department. This meant it was barred from selling to/partnering with American companies.

Citing this major challenge, Xu said survival would be Huawei’s top priority in 2020.

Related article: Huawei Launches New Legal Challenge Against US ban

America also discouraged its allies from using the firm’s products to build their telecom network infrastructure, citing that it poses a threat to their national security.

In October, US Commerce Secretary, Wilbur Ross, urged India to shun working with Huawei to set up its 5G network in order to, “does not inadvertently subject itself to untoward security risk.”

India however went right ahead to allow Huawei to participate in its trials of its 5G spectrum.

Huawei India’s CEO, Jay Chen, thanked India in a statement, “We thank the Indian government for their continued faith in Huawei.”

He added, “We firmly believe that only technology innovations and high quality networks will be the key to rejuvenating the Indian telecom industry.”

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