Huawei's revenue grew 19% for 2019 despite difficulties
Huawei Technologies posted a revenue growth of over 19 percent in 2019 thanks to booming carrier and consumer business as the world moves into the 5G era, the Shenzhen-based company said on Tuesday.
Revenue reached 858.8 billion yuan (US$122.6 billion), up 19.1 percent year on year, with a net profit of 62.7 billion yuan, up 5.6 percent from a year ago.
Huawei invested 15.3 percent of its 2019 revenue, or 131.7 billion yuan, in research and development, which made its total R&D spending over the past decade in excess of 600 billion yuan.
"Despite enormous outside pressure business remains solid,” Eric Xu, Huawei’s rotating chairman, said in an online conference.
The pressure includes US attempts to block Huawei, which forced the company to “take a lot of time and work” to communicate with its partners, clients and regulators around the world, Xu said during a Q&A session.
"The external environment will only get more complicated going forward," he said.
Revenue from Huawei's carrier business reached 296.7 billion yuan, up 3.8 percent year on year. Huawei’s carrier business led the commercial rollout of 5G networks globally.
Huawei’s enterprise business, which supports the digital transformation of customers, reached 89.7 billion yuan, up 8.6 percent year on year, while its. consumer business reached 467.3 billion yuan, up 34 percent year on year. The company sold 240 million smartphones last year.