SHENZHEN: Chinese telecom giant Huawei said Wednesday it achieved a record profit last year, but revenue growth slowed sharply amid the pandemic and tightening US pressure that has pushed the company into new business lines to survive.
Before the US pressure began, revenue growth was routinely in the neighbourhood of 30 per cent or more, though it slowed to around 19 per cent in 2019. But that masks an accelerating impact from the US sanctions. Data from independent analysts has shown that both domestic and overseas phone shipments plunged more than 40 per cent in the fourth quarter of 2020.
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