Huawei moves up ranking in Fortune Global 500 List 2021 despite global economic slowdown during pandemic

Reading Time: 3 minutes

Huawei has climbed to 44th place in the global top 500 companies this year, up from 49th place in 2020. Huawei, a privately held employee-owned company, initially appeared on the list in 2010, placing 397th, and by 2020, had jumped from 72nd to 49th place, breaking into the top 50 for the first time.

The Fortune Global 500 yearly ranking is based on the income of the world’s most successful companies in a variety of areas. The corporations contribute more than a third of global GDP and employ 69.7 million people worldwide, but their total revenue has decreased in the last year.

Total revenue for the world’s largest 500 firms declined 4.8 percent to $31.7 trillion this year, after reaching a record high of $33.3 trillion in the 2020 edition. It was the first drop in more than a half-decade. The culprit was the global COVID-19 epidemic, which hit large swaths of the global economy as governments went into lockdown, but which was a windfall for technology businesses, a sector that not only proven its value to society but also managed to flourish in 2020.

READ ALSO: Top 3 free messaging apps that you can download from HUAWEI AppGallery right now!

Huawei’s net margin increased from 9.2 percent to 9.8 percent in the first half of 2021, compared to the same time last year, according to the company’s recent release. “We’ve outlined our strategic targets for the next five years,” said Eric Xu, Huawei’s Rotating Chairman. Our carrier and enterprise businesses are expected to continue to grow steadily.

Huawei has climbed to 44th place in the global top 500 companies this year, up from 49th place in 2020. Huawei, a privately held employee-owned company, initially appeared on the list in 2010, placing 397th, and by 2020, had jumped from 72nd to 49th place, breaking into the top 50 for the first time.

The Fortune Global 500 yearly ranking is based on the income of the world’s most successful companies in a variety of areas. The corporations contribute more than a third of global GDP and employ 69.7 million people worldwide, but their total revenue has decreased in the last year.

Total revenue for the world’s largest 500 firms declined 4.8 percent to $31.7 trillion this year, after reaching a record high of $33.3 trillion in the 2020 edition. It was the first drop in more than a half-decade. The culprit was the global COVID-19 epidemic, which hit large swaths of the global economy as governments went into lockdown, but which was a windfall for technology businesses, a sector that not only proven its value to society but also managed to flourish in 2020.

Huawei’s net margin increased from 9.2 percent to 9.8 percent in the first half of 2021, compared to the same time last year, according to the company’s recent release. “We’ve outlined our strategic targets for the next five years,” said Eric Xu, Huawei’s Rotating Chairman. Our carrier and enterprise businesses will continue to grow healthily, we are confident.”

The company has benefited from its varied business, which operates in all parts of the world and in a variety of markets ranging from telecoms to IT and energy, as well as the increased digitization of enterprises in a variety of industries.

Huawei also benefited from its enormous patent portfolio, with Jason Ding, the chairman of Huawei’s intellectual property department, predicting that patent and license revenues will total $1.2 billion to $1.3 billion between 2019 and 2021. Huawei has one of the world’s largest patent portfolios and last year spent over 15% of its sales income on R&D in areas such as 5G and Cloud.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: