Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Huawei’s revenue rises 13.1 per cent in first half of 2020 despite coronavirus pandemic and US ban

Huawei’s revenue rises 13.1 per cent in first half of 2020 despite coronavirus pandemic and US ban

Shenzhen-based tech giant Huawei generated 454 billion yuan (US$64.8 billion) in revenue in the first six months of the yearใ This was up from 401.3 billion yuan during the same period in 2019, despite the global coronavirus pandemic and ongoing sanctions from the US

Huawei Technologies said its revenue grew 13.1 per cent year-on-year in the first half of 2020 despite the global coronavirus pandemic and ongoing sanctions from the US.

The Shenzhen company generated 454 billion yuan (US$64.8 billion) in revenue in the first six months of the year, up from 401.3 billion yuan during the same period in 2019, according to the statement from Huawei released on Monday night.

The net profit margin was 9.2 per cent in the first six months, up from 8.7 per cent in the same period last year. Huawei’s key business segments – consumer, carrier and enterprise – produced revenue of 255.8 billion yuan, 159.6 billion yuan and 36.3 billion yuan respectively with positive growth.

“As countries around the globe are grappling with the Covid-19 pandemic, information and communications technologies (ICT) have become not only a crucial tool for combating the virus, but also an engine for economic recovery,” Huawei said in the statement.

Huawei also reiterated its commitment to working with carriers and industry partners to maintain stable network operations, accelerate digital transformation, and support efforts to contain local outbreaks and reopen local economies.

The Chinese tech giant’s results came ahead of an expected announcement on Tuesday by UK Prime Minister Boris Johnson on banning Huawei from Britain’s 5G network.

Britain’s National Security Council (NCSC), chaired by Johnson, will meet on Tuesday morning to discuss Huawei. Media Secretary Oliver Dowden will then announce a decision to the House of Commons later in the day.

In January, the British government approved the limited use of Huawei’s equipment in the country’s roll-out of 5G mobile infrastructure, although placed a 35 per cent cap on what it called “high-risk vendors’” access to the non-sensitive parts of networks.

The NCSC review – which comes amid deteriorating diplomatic relations since the coronavirus outbreak in January – could lead to a reversal of that decision and see the UK government ban the use of Huawei’s 5G network gear.

“The complex external environment makes open collaboration and trust in global value chains more important than ever,” said Huawei in its statement on Monday night.

“Huawei has promised to continue fulfilling its obligations to customers and suppliers, and to survive, forge ahead, and contribute to the global digital economy and technological development, no matter what future challenges the company faces.”

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
×