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Huawei posts 13.1% revenue growth in H1 amid sanctions, lockdown

Chinese technology manufacturer, Huawei has posted a 13.1 percent year-on-year revenue growth in the first six months of 2020, despite sanctions from pressures from the United States and the lockdown across the world as a result of the COVID-19 pandemic.
In a statement, BusinessDay received, Huawei said its revenue in the first half hit $64.88 billion, with its carrier, enterprise, and consumer businesses accounting for 35 percent, 8 percent, and 56 percent of total revenue respectively. The company finished the period with a net profit margin of 9.2 percent, a slight increase from 8.7 percent.
The company is grappling with pressures from the United States government which has imposed sanctions on its operations and urged its allies to also do the same. The United Kingdom is reportedly planning to abandon Huawei’s 5G network later this year.
The COVID-19 pandemic which has also seen countries shut down their economy and manufacturing activities have also taken a toll on different industries including the technology industry. But Huawei said it has provided an opportunity for the increased adoption of information and communications technologies (ICT) to combat the virus as well as engine economic recovery. The company said it is committed 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 complex external environment makes open collaboration and trust in global value chains more important than ever. 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.
Huawei’s end-to-end portfolio of products, solutions, and services is both competitive and secure. Through open collaboration with ecosystem partners, we create lasting value for our customers, working to empower people, enrich home life, and inspire innovation in organizations of all shapes and sizes.
SOURCE: BUSINESS DAY
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