Huawei grows 19 per cent but US sanctions loom large

Vendor however predicts tough year ahead

Huawei has said that its revenue climbed by 19 per cent last year despite continued sanctions from the US government.

Sales of $123bn were however $12bn short of expectations, according to the Financial Times.

But Huawei rotating chairman Eric Xu was upbeat on the vendor's performance, stating: "2019 was an extraordinary year for Huawei.

"Despite enormous outside pressure, our team forged ahead with a singular focus on creating value for our customers.

"We worked hard to earn their respect and trust, as well as that of our partners around the globe. Business remains solid."

The firm reported a net profit of $9bn, adding that 15.3 per cent of 2019 revenue was invested back into R&D.

Huawei said that its enterprise division has been selected by 228 Fortune 500 companies as part of their digital transformation.

It also claimed that revenue in its carrier business, which includes 5G, climbed 3.8 per cent year on year to $42.5m.

Earlier this year the government revealed that Huawei would be allowed to play a part in the UK's own 5G network.

Xu however predicts tough times ahead, adding: "The external environment will only get more complicated going forward.

"We need to keep enhancing the competitiveness of our products and services, promoting open innovation, and creating greater value for our customers and society at large.

"This is the only way we can seize the historic opportunities presented by the digital and intelligent transformation of industries, and maintain robust growth in the long run."