Huawei offsets US sanctions with dominance in China
Huawei has released its annual report and financial information for 2020, demonstrating the effect that US sanctions had on its business last year. The report shows that while revenue from North America and Europe has fallen significantly, stronger performance in China has allowed the company to record higher sales and net profit than a year ago.
Huawei doesn’t report traditional quarterly earnings, since it’s a private company with an unusual employee ownership structure. Its annual reports tend to be the best look at how it’s actually performing.
The company’s revenue for 2020 was 891.4 billion yuan, a 3.8-percent increase on 2019. Net profit was up 3.2 percent to 64.6 billion yuan. 66 percent of Huawei’s sales were in China last…