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As per the latest reports, Huawei has shared its growth statistics for the year 2020. In the report, Huawei has reported that its growth slowed down in the year 2020. According to the tech giant, the majority of the impact it faced was due to the sanctions that were imposed on the company by the United States.
Another factor that impacted the growth of the company in a negative way was the Coronavirus pandemic that hit the entire China in the year 2020. As the country went under a complete lockdown due to the pandemic, it also impacted the growth as well as the sales for the company even locally.
Huawei has revealed that the revenue it managed to generate in the year 2020 summed up to be 891.4 billion yuan. At the time of writing, the 891.4 billion yuan figure translates to $136.7 billion. Huawei has revealed that the revenue it has generated in terms of year-over-over growth is 3.8%. On the other hand, Huawei had achieved 19% growth in its revenue in the year 2019.
Huawei has revealed that out of all the markets, it was only the Chinese market where it experienced significant growth with respect to its revenue. The stats show that the sales Huawei managed to achieve in the Chinese region were a total of 584.9 billion yuan. At the time of writing, the 584.9 billion yuan figure translates to $89.7 billion.
The company has revealed that from the Chinese region alone, its growth has gone all the way up to 15.4% for the year-on-year figures. Huawei has also revealed that the revenue it has generated from China is equivalent to 65% of the total revenue that it has managed to generate overall.
In the year 2020, the entire world’s economy was facing a hard time due to the pandemic. The global economy ended up facing a downfall due to the pandemic as the trades all over the world shut down as well as businesses.
Although it was China, which was the first country to get struck by the pandemic, yet it managed to recover faster than another country. This is the reason that despite the pandemic, the Chinese economy managed to grow in the year 2020 while the rest of the world was not.
Based on the above facts, Huawei was able to benefit/profit from the pace of the Chinese economy and managed to generate a significant amount of revenue from local markets.
However, if the pandemic hadn’t hit the world, Huawei’s revenue/profit for the year 2020 would have been really high than what it managed to achieve.
Then there are strict sanctions that were imposed by Donald Trump’s administration. Huawei was banned to operate in the United States as the country alleged the tech giant of being a threat to its security.
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