Economy

Huawei Chairman Says US Govt. Has "A Loser’s Attitude"

Huawei Chairman Says US Govt. Has

With revenue of $105bn (£80.5bn), up 20 per cent year on year, Huawei has become the third big tech company to beat the $100bn ceiling, after Google and Microsoft did it last year.

Revenue rose by a fifth to £76.6 billion, it was announced yesterday, receiving a significant boost from smartphone sales.

The US and Australia have banned Huawei from their networks, and Washington is pressuring its European allies to follow suit.

China's largest tech company by sales posted net income of 59.3 billion yuan (US$8.8 billion), while revenue for the year jumped nearly 20 percent to 721 billion yuan, the company said in a statement yesterday.

Huawei has announced record financial results for the previous year.

Its planned 5G network rollout is restricted by Washington over concerns of the company's so-called ties with the Chinese government. Huawei says it is independent and strongly denies its products pose a security risk.

Guo Ping's comments came as Huawei, the biggest global maker of network equipment for phone and internet companies, announced last year's sales surpassed £76.6bn despite United States pressure on American allies to shun it as a security threat.

That said, the network/business side of the company only dropped 1.3 per cent, which given that many countries are questioning whether it can be trusted to provide equipment for their 5G networks, is a smaller than expected slump.

"In 2019, we are cautiously optimistic about the growth in 5G business", Guo Ping, one of the company's three rotating chairmen, said in an interview with Bloomberg Television.

The US official said those findings support similar American assessments that concluded Huawei's equipment can not be "made safe from Chinese influence or disruption".

Despite being at the centre of global scrutiny, Huawei is winning customers for its equipment as it contends with Apple Inc. for the mantle of world's No. 2 smartphone label. The company has no publicly traded shares but started issuing annual financial reports a decade ago in an attempt to appear more open and mollify Western security concerns.

Mr Guo said that as of last month, Huawei had signed more than 30 5G commercial contracts and shipped more than 40,000 5G base stations.

Huawei is asking a USA federal court in a lawsuit filed this month to throw out a law that bars the Trump administration and government contractors from using its equipment.



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