Huawei posts 3.2per cent rise in profit in 2020, as revenues decline from outside of China

China's Huawei Technologies reported modest annual profit growth for 2020 as overseas revenues declined due to disruption caused by the pandemic and the company's placement on a U.S. export blacklist.

The ban put Huawei's handset business under immense pressure, with the company selling off its budget smartphone unit to a consortium of agents and dealers in November 2020 to keep it alive. While Hu did not specify how much smartphone revenue declined, he said its drop was offset by a 65per cent rise in sales from connected devices such as smartwatches and laptops, and other devices.

Its business declined everywhere else, with revenues down 12.2per cent to 180.8 billion yuan in Europe, the Middle East and Africa, down 8.7per cent to 64.4 billion yuan in the rest of Asia, and down 24.5per cent to 39.6 billion yuan from the Americas.

Huawei is on its way out, crappy products, now shunned by most nation, due to quality issues.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Huawei posts 3.2per cent rise in profit in 2020, as revenues decline from outside of ChinaChina's Huawei Technologies reported modest annual profit growth for 2020 as overseas revenues declined due to disruption caused by the pandemic ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Japan March household spending rises 6.2per cent year/yearJapanese household spending rose 6.2per cent in March from a year earlier, government data showed on Tuesday, compared with economists' median ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Philippines first quarter GDP contracts 4.2per cent year-on-year, more than expectedThe Philippine economy shrank by more than expected in the first quarter of 2021, official data showed on Tuesday, as prolonged pandemic-induced ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Huawei posts record profit but revenue growth slows sharplyChina's Huawei Technologies reported modest annual profit growth for 2020 as overseas revenues declined due to disruption caused by the pandemic ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Defense tells Canada court that Huawei CFO's arrest was legal, but not her detainmentVANCOUVER: Huawei Chief Financial Officer Meng Wanzhou’s arrest was valid, but her ongoing detainment is illegal, defense lawyers told a ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »