Edited by Sangeeta Das
In a surprise breakthrough in Chinese chip technology, revenue of Huawei Technologies Co jumped to 9 per cent with over 700 billion yuan or $98.7 billion sale irrespective of challenges created by Apple Inc and US sanctions.
The high sale data shows their speediest pace of growth in years which they attributed to a resurgent smartphone trade and sale of strong 5G equipment.
Revenue reached 27 per cent to at least 243.4 billion yuan on a quarterly basis, a sharp growth from the third quarter’s minor rise, as per Bloomberg’s annual figure calculation.
Huawei brought to market a smartphone powered with locally made sophisticated nanometer Kirin processor this year. It created ripples of happiness among consumers and the move ignited debate over failed sanctions and needed actions in Washington.
Huawei, the Shenzhen-based conglomerate, is considered a top smartphone player and has enjoyed robust backing domestically since its 2019 blacklisting from US. And now, it is making a comeback.
Executive Ken Hu expressed the company had been working hard for years and “managed to weather the storm” and currently “we’re pretty much back on track”.
However, he warned that “geopolitical conflict” is not the single reason behind changes in the business environment. Another factor is “fluctuating global economic cycles”.
Huawei earned lucrative deals in 5G and cloud computing by State-owned telecom carriers. Moreover, other institutions bought nonperforming businesses from the company.
Traditionally a leader in networking equipment and smartphones, Huawei is setting up a network of chip plants and receiving about $30 billion of financial support from the government and its own hometown of Shenzhen, stated the Semiconductor Industry Association.
In coming year, Huawei have to deal with a consistent US campaign to control China and pressure to keep up its technological advances.
