Huawei Technologies saw slight revenue and profit growth in 2020, in line with its expectations, its rotating chairman said on Tuesday, even as Washington toughened up sanctions against the Chinese telecom equipment maker.
The company was put on an export blacklist by former U.S. President Donald Trump in 2019 and barred from accessing critical technology of U.S. origin, affecting its ability to design its own chips and source components from outside vendors.
Huawei has repeatedly denied it poses a security risk.
“Huawei was confronted with some extraordinary difficulties last year,” rotating Chairman Ken Hu said at the industry event Mobile World Congress Shanghai.
“Operations were relatively stable and in line with our guidance, registering slight growth in revenue and profit.”
Earlier this month, the company’s founder and Chief Executive Ren Zhengfei said he hoped the Biden administration would “harbour an open policy” towards U.S. firms doing business with Huawei in his first comments to the media in about a year.
China has so far spent more than 260 billion yuan ($40.27 billion) in building its 5G network, an official with the Ministry of Information and Information Technology said on Tuesday.