Huawei Announces a 13% Revenue Growth in 1H despite U.S. Sanctions and the Pandemic

Huawei reported a 13% revenue growth YoY for the first half of 2020 despite the impact of U.S. sanctions and the economic halt due to the coronavirus outbreak since late December 2019.

 

Huawei Technologies Co., Ltd., Chinese technology giant and the world’s second-largest telecoms firm, reported its 1H20 revenue at 454 billion yuan or approximately 64.9 billion USD. The earnings represent a 13.1% growth YoY, but slowest first-half growth since 2013. The company reported a net profit margin for the first half of 9.2%.

 

The company has been more or less affected by the U.S. sanctions, barring companies to do business with Huawei and restricting the company’s access to American technology. The U.S. also called out to its allies to jointly ban the Chinese tech company, warning that using Huawei supplied equipment could lead to a breach of their national securities.

The U.K. government is considering the allowance of Huawei to participate in its nations’ 5G network. Earlier, Vodafone, a British multinational telecommunications company, admitted that removing Huawei equipment from its networks would cost the firm billions of pounds.