Chinese telecom giant Huawei said Wednesday it saw growth in both revenue and profit in 2020, up by 3.8 percent and 3.2 percent respectively, meeting company targets.  

Net profit for 2020 came in at 64.6 billion yuan ($9.83 billion), up 3.2 percent, compared to a growth of 5.6 percent a year earlier. Global sales revenue went up 3.8 percent to settle at 891.4 billion yuan. 

Huawei's cash flow from operating activities was 35.2 billion yuan, down by 61.5 percent from a year earlier.

Hu Houkun, Huawei's rotating chairman, said that the company will present real data whatever the business situation is, adding the financial results for 2020 are in line with expectations, with stable operations and healthy cash flow.

Regarding the supply of chips, Hu said the mobile phone business was greatly affected last year, and chip supply this year is still uncertain. "But the flagship phones rolled out each year will still be launched as planned. In the next few years, Huawei mobile phones will still maintain their status in the market," Hu said.

Huawei's growth was driven by its home market, with revenue in China up by 15.4 percent to 584.9 billion yuan.

The company's carrier business, which includes 5G network equipment, brought in 302.6 billion yuan, an increase of 0.2 percent from a year earlier. 

Its consumer business, which includes smartphones, brought in 482.9 billion yuan, up 3.3 percent year on year, and accounted for over half of the company's revenue. 

The rise in part was thanks to growth in devices such as smartwatches and laptops, a Huawei spokesman said. 

Revenue from the company's enterprise segment soared 23 percent year on year to 100.3 billion yuan, although it still makes the smallest in revenue of the three business groups.

The company invested 141.9 billion yuan in R&D spending in 2020, up from 131.7 billion yuan a year earlier. 

(With input from Reuters)