Huawei's Growth Slows Down Pressured by Sanctions
Huawei’s sales growth slowed significantly in the nine months of 2020, pressured by the trade sanctions imposed by the US government. During the period, revenue was up 9.9 percent year-on-year to CNY671.3 billion ($100.5 billion). In the first three quarters of 2019, Huaei had annual growth of 24.4 percent.
The company didn't unveil profit figures, but noted net profit margin stood at 8 percent, while the last year's margin was at 8.7 percent. Huawei cited COVID-19 as a factor, putting its global supply chain under intense pressure and causing increasing difficulties to production and operations.
"Moving forward, Huawei will leverage its strengths in ICT technologies such as AI, cloud, 5G, and computing to provide scenario-based solutions, develop industry applications, and unleash the value of 5G networks along with its partners. Its stated goal is to help enterprises grow their business and help governments boost domestic industry, benefit constituents, and improve overall governance," the company said in a brief statement.