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KEY STAT | Huawei earns larger net profit in 2020 despite global headwinds

Written by Julianna Wu Published on     1 min read

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Including Honor, Huawei remained the biggest Chinese smartphone maker in 2020.

Amid global challenges in its 5G network and smartphone businesses, Chinese telecommunication giant Huawei still managed to generate revenues of USD 136.7 billion in 2020, with a net profit hitting USD 9.9 billion, 10.9% higher year-on-year, news outlet Yicai reported, citing internal sources.

According to an official statement, Huawei earned USD 103.7 billion in the first three quarters of 2020, a 9.9% increase year-on-year.

Also on Sunday, the company announced internally that it will dish out an annual stock dividend to its employees, at an estimated RMB 1.85 (USD 0.29) per share, said a report by Jiemian. According to its 2019 financial report, Huawei is a private company that is 100% owned by some 100,000 employees.

In 2020, Huawei dominated 41% of China’s smartphone market, said research company Counterpoint’s latest publication, remaining the biggest manufacturer in the country, even though total shipments slipped 3% from 2019. It still includes Honor, the brand it sold in the latter half of last year when it was facing US sanctions.

Read this: Huawei ramps up chip investment in fight for survival

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

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