|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Business & Economy (Click here for more)

Huawei Revenue Up 9.9% Despite US Ban



BEIJING – Chinese tech giant Huawei’s revenue increased by 9.9 percent year-on-year under “intense pressure” in the first three quarters of 2020 to 671.3 billion yuan ($100.43 billion), the company announced on Friday.

Huawei, which is not listed on any stock exchange, added that its net profit margin increased by 8 percent during that period.

“Throughout the first three quarters of 2020, Huawei’s business results basically met expectations,” the company said in a statement.

Huawei has been grappling with a decision by the United States Department of Commerce, which announced that from Sept. 15, Huawei’s global suppliers developing or producing components using US technologies would first need to obtain a license from Washington in order to sell to the Chinese company.

Several countries have also banned the use of telecoms equipment from the Chinese company from their 5G networks.

At the end of September, Huawei’s rotating chairman Guo Ping said that “non-stop aggression” from the US had put the Chinese tech giant under “significant pressure” and that the company was assessing the impact and “battling for survival.”

On Friday, the company said that “as the world grapples with COVID-19, Huawei’s global supply chain is being put under intense pressure and its production and operations face significant challenges.”

“The company continues to do its best to find solutions, survive and forge forward, and fulfill its obligations to customers and suppliers,” it added.

In the future, Huawei will try to “leverage its strengths” in artificial intelligence, cloud operations, computing and 5G technology “to provide scenario-based solutions, develop industry applications, and unleash the value of 5G networks along with its partners.”

“Its stated goal is to help enterprises grow their business and help governments boost domestic industry, benefit constituents, and improve overall governance,” Huawei added.

In conclusion, the firm said that the “rapid and healthy development within the ICT industry will rely on open collaboration and mutual trust across the global industry” and added that it “will continue working closely with its global partners and using its innovative ICT technologies to create greater value for customers despite the complex situation it is currently facing.”

So far, Washington has shown no sign of easing the restrictions against Huawei, having recently extended them to other Chinese tech companies such as ByteDance, the developer of the massively popular short-form video app TikTok, and Tencent, owner of the WeChat messaging, social media and mobile payment app.

In 2019, the company posted a net profit growth of 5.6 percent despite the conflict between Beijing and Washington, although it was the slowest rate of growth since 2016.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2020 © All rights reserved