Since she was freed from Canadian detention in the fall of last year, Huawei’s chief financial officer Meng Wanzhou has been in public for the first time.
On Monday, the Shenzhen-based business reported net earnings of 113.7 billion yuan (£13.6 billion), an increase of 75.9 percent year-on-year. A 29 percent drop in sales was in line with Huawei’s December prediction of 636.8 billion yuan in revenue.
During the last decade, Huawei has emerged as a symbol of China’s technical advancement. The corporation got caught in the crossfire of the US-China trade and technology wars in 2018. When Donald Trump was president, he tried to hobble Huawei on security and spying fears.
A US warrant was issued for Meng’s arrest in 2018 after she was accused of lying to Hong Kong banks about Huawei’s business relations with Iran. For their part, the Chinese authorities have detained two Canadians as a result of the incident. The two were released last year when Meng returned home. China’s state-run media praised it as a diplomatic win.
“Improved product portfolios and more effective internal processes” are given credit for the tech company’s success. More than 220 million Huawei smartphones are expected to run HarmonyOS by 2021, making it “the world’s fastest growing mobile operating system,” according to Huawei.
Because Huawei is not a publicly traded firm, its finances are not audited to the same standard as those of publicly traded corporations.
CEO Meng Wanzhou, the daughter of Huawei founder Ren Zhengfei, spoke at a press conference on Monday about the company’s capacity to earn money and produce cashflow despite a drop in sales over the last year. According to her, the newer model was better equipped to handle ambiguity.
Her firm, Meng conceded, had to deal with penalties. “The many rounds of sanctions imposed by the United States have considerably damaged our company, notably cellphones and PCs,” she added. More than 50 percent of the 243 billion yuan Huawei made in consumer business sales in 2018 was lost.
It didn’t matter however, as the firm looked to be certain that the only path ahead is to increase its research and development spending even more than before. Approximately 22.4 percent of Huawei’s total revenue was spent on R&D last year.
According to Huawei’s rotating chairman, Guo Ping, even with heightened attention from the West, the business would continue to recruit “world-class talent” and grow its relationships with premier institutions across the globe to establish joint laboratories.
However, “our battle for survival is not yet over,” he warned. “We won’t stop investing, no matter what happens.” “That’s the only way to go.”
Uncertainty over how long the corporation will be present in Russia is a pressing issue for the business. In the wake of Vladimir Putin’s invasion of Ukraine, Western corporations, like McDonald’s, backed out of the market, putting Chinese enterprises under increased international scrutiny.
According to Guo, “Some nations have policies [against Russia], but they are complicated and continuously changing.” “We are carefully assessing them,” he said. For the time being, Huawei does not aim to market HarmonyOS in Russia.
Through our customised approach centered on the audience, we are regarded as one of the fastest growing online media brand in the world, renowned for independence in collaborating with newsmakers to unearth important issues and stories through the context of honesty, inclusiveness, and social discourse.
- SportPesa Mega Jackpot Predictions – August 11th 2024 - August 7, 2024
- Ethics On Trial: AI’s Moral Crisis Unleashed! - July 10, 2024
- The End of Jobs: AI’s Career Apocalypse is here! - July 10, 2024
