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Huawei sees 鈥榤ost difficult year鈥 in 2020
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Huawei said yesterday it had sustained solid growth globally in 2019 despite a US campaign to isolate the Chinese tech giant, but warned of its 鈥渕ost difficult year鈥 ahead.
The stark warning follows stringent US sanctions, worsened by the impact of the coronavirus pandemic.
The world鈥檚 top supplier of telecoms networking equipment and the biggest smartphone maker after Samsung, posted revenue growth of over 19 percent in 2019 thanks to booming carrier and consumer business as the world moves to 5G.
Revenue was 858.8 billion yuan (US$122.6 billion), up 19.1 percent year on year, with net profit of 62.7 billion yuan, up 5.6.
Huawei invested 15.3 percent of its 2019 revenue in research and development, which taking its total R&D spending over the past decade to more than 600 billion yuan.
鈥淒espite enormous outside pressure, business remains solid,鈥 Eric Xu, Huawei鈥檚 rotating chairman, said in an online conference.
The pressure includes US attempts to block Huawei, which forced the company to 鈥渢ake a lot of time and work鈥 to communicate with its partners, clients and regulators around the world, Xu said.
鈥淭he external environment will only get more complicated going forward,鈥 he said.
Xu warned 2020 would be Huawei鈥檚 鈥渕ost difficult year,鈥 given it would be subject to entity-listing 鈥 a blacklist that restricts US firms doing business with it 鈥 for the full year.
While the firm had substantial stockpiles to respond to customer needs last year, these are running low and 2020.
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