China’s tech giant Huawei releases its 2020 annual report

China's tech giant, Huawei releases its 2020 annual report, announcing solid business performance and reaffirms commitment to creating greater value for customers and society

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China's tech giant Huawei releases its 2020 annual report www.financialstand.com

China’s tech giant, Huawei released its 2020 annual report, closing the year with business performance in line with the forecast.

The company’s global sales revenue in 2020 rounded off at US$136.7 billion, up 3,8% year-on-year, and its net profit reached US$9.9 billion, up 3,2% year-on-year.

“Over the past year we’ve held strong in the face of adversity,” said Ken Hu, Huawei’s Deputy Chairman. “We’ve kept innovating to create value for our customers, to help fight the pandemic, and to support both economic recovery and social progress. We also took this opportunity to further enhance our operations, leading to a performance that was largely in line with the forecast.

Despite a challenging business environment, we remained committed to a globalized and diversified supply chain – one that doesn’t rely on any single country or region, but instead makes use of global resources to ensure supply continuity.”

In 2020, Huawei’s carrier business continued to ensure the stable operations of more than 1,500 networks across over 170 countries and regions throughout COVID-19 lockdowns, which helped support telework, online learning, and online shopping for people around the world. Working together with carriers, the company helped provide a superior connected experience.

According to 5G experience tests conducted by multiple third-party organizations in major cities around the world, Huawei-built 5G networks ranked first for user experience on carrier networks.

The company also worked with carriers worldwide to implement more than 3,000 5G innovation projects in over 20 industries like coal mining, steel production, ports, and manufacturing. In 2020, sales revenue from Huawei’s carrier business reached US$46.4 billion, up 0.2% year-on-year.

Over the past year, Huawei’s enterprise business stepped up efforts to develop innovative scenario-based solutions and create a digital ecosystem “of all, by all, and for all”. 253 Fortune Global 500 companies and more than 700 cities around the world have chosen Huawei as their partner for digital transformation. In 2020, the company announced Intelligent Twins, the industry’s first reference architecture for driving the intelligent upgrade of industries.

During the pandemic, Huawei provided technical expertise and solutions that proved vital in the fight against the virus. One example is an AI-assisted diagnostic solution based on HUAWEI CLOUD that helped hospitals the world over reduce the burden on their medical infrastructure.

Huawei also worked with partners to launch cloud-based online learning platforms for more than 50 million primary and secondary school students. In 2020, sales revenue from Huawei’s enterprise business reached US$15.4 billion, up 23% year-on-year. visit https://www.huawei.com/en/annual-report/2020.

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