Chinese tech giant Huawei, which has been central to the tech battle between the world’s two biggest economies, managed to post a record profit in 2020, despite being on the US’ export blacklist and facing the Covid-19 pandemic.
Huawei’s net profit rose 3.2% to $9.9 billion, while its revenue grew 3.8% year-on-year to $136.7 billion. Sales in China jumped over 15% to total $89.7 billion, accounting for over 65% of total revenue. The company’s carrier business, including 5G network equipment which has been at the center of controversy, grew by just 0.2%.
READ MORE: Huawei posts record profit in 2020 despite mounting US pressure
RT’s Boom Bust is joined by Miami Herbert Business School Dean John Quelch to discuss the matter.
“Huawei is a very, very strong company. It’s a very versatile company, it’s a very important national flag-carrier company for China, and there’s a tremendous amount of recourse that’s going to be put into ensuring that Huawei continues to succeed,” Dean Quelch said.
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