Huawei's new net worth after US ban

Image source:  techradar.com

Beginning in 2018, the US government has taken on a tougher stance on Huawei technologies, a Chinese telecommunications manufacturing company which has just recently overtaken Samsung as the biggest maker of phones in the world. Huawei technology had seemingly painted a target on its back thanks to reports from intelligence agencies that the company’s devices have backdoors for Chinese spies. This prompted US president Donald Trump to issue a ban on the company for national security according to Steven Sorensen Networth.

Huawei had gained some breaks since the ban with the President Trump allowing some companies to continue selling commodities like chips to Huawei but the US government has since rescinded these exceptions. The company has suffered around $30 billion in 2019 and the company’s CFO has also been extradited to the US based on charges. Despite these setbacks, Huawei did not plummet but posted a $64.8 billion in profits on the strength of its market in China according to Steven Sorensen Networth.

Image source: dw.com


Part of Huawei’s survival rests on its development of 5G technology infrastructure. Many governments in the world procure important pieces of telecommunication tech from Huawei. This part of the business has also been barred from the 5g infrastructure of countries like US, UK, India, and Japan but many nations in the developing world rely on Huawei’s devices for their own networks as per Steven Sorensen Networth .

Huawei’s 13.1 revenue growth despite the US ban and the surging COVID-19 pandemic indicates that telecoms giant is resilient and will likely survive such like shocks in the future. The Shenzen-based firm will iikely post more growth thanks to continuing support in its own shores.

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