Stock

Huawei is delivering "slight" progress within the difficult 12 months 2020, says the chairman

2/2

© Reuters. FILE PHOTO: The Huawei logo is featured on the main building in Reading

2/2

By Josh Horwitz

Shanghai, China (Reuters) – Chinese telecommunications equipment maker, Huawei Technologies, which is suffering from US sanctions, saw slight growth in annual output, aided by significant customer confidence.

Huawei faced "extraordinary difficulties" last year despite operations being relatively stable and partners continuing to support the company, rotating chairman Ken Hu said at Mobile World Congress on Tuesday.

The telecommunications equipment maker was placed on an export blacklist by former US President Donald Trump in 2019 and was banned from accessing critical technology of US origin, affecting the company's ability to develop its own chips and source components from outside vendors.

The company has repeatedly denied that it poses a security risk.

Earlier this month, the company's founder and chief executive, Ren Zhengfei, said he hoped the Biden government, in its initial comments to the media, would have had "an open policy" on US companies doing business with Huawei for about a year .

Ren said the company had positive growth and net income in 2020.

China has so far spent more than 260 billion yuan ($ 40.27 billion) on building its 5G network, an official from the Ministry of Information and Information Technology said Tuesday.

Huawei on Monday unveiled its new 5G Mate X2 foldable phone that will use the company's own Kirin processor.

Although the cheapest model starts at 17,999 yuan ($ 2,788), the phone is unable to challenge the mainstream phone market.

Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. As a result, prices may not be accurate and may differ from actual market prices. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading loss you may incur as a result of using this information.

Fusion Media or anyone involved with Fusion Media assumes no liability for any loss or damage caused by reliance on the information such as data, offers, charts and buy / sell signals contained on this website. Please be fully informed about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.

Related Articles