Huawei Records Slight Growth
Chinese telecom equipment maker, Huawei Technologies, which is struggling under United States sanctions saw slight growth in its annual performance, helped by significant levels of confidence from its customers.
Huawei was confronted with, “extraordinary difficulties” last year, though operations were relatively stable, with partners continuing to support the company, rotating Chairman Ken Hu said at the Mobile World Congress on Tuesday.
According to Bloomberg, the telecom equipment maker was put on an export blacklist by former US President Donald Trump in 2019 and barred from accessing critical technology of US origin, affecting the company’s ability to design its own chips and source components from outside vendors.
Earlier this month, the company’s founder and Chief Executive Ren Zhengfei said he hoped the Biden administration would “harbour an open policy” towards U.S. firms doing business with Huawei in his first comments to the media in about a year.
Ren said the company saw positive growth and net profit in 2020.
China has so far spent more than 260 billion yuan ($40.27 billion) in building its 5G network, an official with the Ministry of Information and Information Technology said.
Huawei on Monday unveiled its new 5G Mate X2 foldable phone, which will use the company’s own proprietary Kirin processor.