Huawei Reports Record $122 Billion Revenue Amid Ongoing U.S. Sanctions
Huawei achieves record revenue and increased smartphone sales for 2019 despite facing heavy U.S. trade restrictions. The tech giant warns that survival is its top priority for 2020 as American pressure continues.
Huawei reports record revenue of 850 billion Chinese yuan, or $122 billion, for 2019, marking an 18% increase over the previous year. The Chinese technology giant also sells 240 million smartphones this year, up from 206 million in 2018, despite facing a prolonged campaign by the U.S. government against its business.
Rotating chairman Eric Xu acknowledges that while business remains solid, the company faces a strategic and long-term challenge from U.S. sanctions. The American government places Huawei on a trade blacklist, restricts its commercial relations with U.S. companies, and urges global allies to exclude Huawei from their 5G telecom infrastructure over national security concerns.
Xu states that survival is Huawei's first priority for 2020 as the difficult environment persists, though the company secures a notable victory in India. The Indian government approves Huawei's request to participate in 5G spectrum trials, demonstrating that not all U.S. allies are following the advice to ban the company's equipment.