Image Source: Visual China

BEIJING, March 28 (TMTPOST) — Chinese telecom giant Huawei’s net profit grew by 75.9% year-on-year in 2021, the company announced at the press release of its 2021 earnings report on Monday.

Huawei’s revenues reached 636.8 billion yuan in 2021, a 28.6% decrease from 2020 due to U.S. sanctions and the pandemic. Despite the decreasing revenues, the company’s net profit surged by 75.9% to 113.7 billion.

Huawei’s telecom operation business generated revenues of 281.5 billion yuan, accounting for 44.2% of the total revenues. Over 50% of the revenues came from overseas. The company’s enterprise business contributed 102.4 billion yuan, accounting for 16.1% of the total revenues. Revenues from new businesses increased by 30%. Huawei’s consumer business generated revenues of 243.4 billion yuan, accounting for 38.2% of the total revenues. Revenues from the wearable device business and smart display business, etc. grew by 30%.

The annual earnings report shows that Huawei invested 142.7 billion yuan in research & development in 2021, breaking its record. The company poured in over 845 billion yuan in research and development in the past ten years. Meng Wanzhou, Deputy Chair and CFO of Huawei, said that 2021 was the third year for Huawei to experience stress tests and that the company is showing resilience with steady growth.

“Over the years, our teams have been under a lot of pressure,” Meng told reporters. “But our strategy has become clearer. We will continue to invest heavily in talent and R&D.”

Meng also said at the press release that Huawei is capable of dealing with uncertainty.

Guo Ping, Huawei’s Deputy Chairman and Rotating Chairman, said at the press release that Huawei hired 26,000 fresh college graduates in the past two years. Huawei also plans to recruit more than 10,000 graduates in 2022, Guo said, commenting that only talents can help Huawei overcome the difficulties it is now facing. In stark constrast, many tech companies in China have been laying off their staff recently due to dissatisfying market performance.