Huawei achieves record-high revenue despite tensions with U.S.
Huawei's revenue in 2018 hit a new record of 106 billion U.S. dollars.
GUANGDONG (Reuters) - China s communications giant Huawei on Friday said its revenue in 2018 hit a new record of 106 billion U.S. dollars, despite some tensions with the United States.
The compound growth rate over the past five years hit 26 percent. Our net profit reached 59.3 billion yuan last year, increasing by 25 percent year on year," said Guo Ping, the rotating chairman of Huawei.
However, Huawei, the world s biggest producer of telecom equipment, has been in a difficult position over the past couple of months. Its planned 5G network rollout is restricted by Washington over concerns of the company’s so-called ties with the Chinese government.
The tech giant s founder Ren Zhengfei took exception to the U.S. decision in an interview with the BBC last month.
He voiced his objection to what the U.S. has done, saying such kind of politically motivated act is not acceptable. But since Huawei has gone down this path, it will let the courts settle the issue, Ren added.
The founder also said there s no way the U.S. can crush Huawei, because world needs Huawei for its more advanced products.
The U.S. authorities pledged to withhold intelligence from nations that continue to use Chinese telecom equipment, including Germany and the UK. But none have followed suit.
Huawei earlier this month brought legal action against the U.S. government for unconstitutional sales restrictions imposed by Congress, but the procedure could take years.
"We once again make such a public commitment here. Any requirement for installing back-doors or collecting information for other countries from any government or organization will not be accepted by Huawei," said Catherine Chen, Huawei board member and senior vice president.
Chinese Premier Li Keqiang also weighed in on the issue that the Chinese government is behind the company.
"You ask whether the Chinese government asks Chinese companies to spy on other countries. I do not know whether you are talking about spying on the governments or individuals. But all in a word, such kind of action is not consistent with the Chinese law and is not how China behaves, and it does not and will never happen," Li said at a press conference after the conclusion of the annual session of the National People s Congress, the country s highest organ of power, on March 16.
The tensions between the U.S. and Huawei reached a climax when the company s CFO Meng Wanzhou, also the daughter of the tech giant s founder, was arrested in Canada late last year. Since then the two parties have been exchanging accusations. European countries eyeing the company s 5G technology are all sitting on the fence.
