China's Huawei reports record sales for 2020 despite U.S. sanctions

Chinese telecom-equipment giant Huawei Technologies Co. on Wednesday reported record sales and net profits for 2020, despite the export-control measures imposed by former U.S. President Donald Trump’s administration on security grounds. Huawei, a leader in next-generation 5G mobile communications networks, said its sales climbed 3.8 percent to 891.4 billion yuan ($136 billion) and net profits rose 3.2 percent to 64.6 billion yuan last year. The pace of growth in sales, however, slowed sharply in 2020, compared with the 19.1 percent increase in 2019, as Huawei has struggled to procure key compo…

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