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Huawei ranks 49th on the 2020 Fortune Global 500 Ranking

Huawei secures a 49th position in the 2020 Fortune Global 500 Ranking list. It is yet another good news for Huawei in 2020 after gaining the top place in the global smartphone market. After becoming the World’s best selling smartphone company in the second quarter of 2020, the China-based tech giant ranks within the top 50 of the Fortune 500 list for the first time.

Huawei continues the streak to rank on the Fortune 500 list as it ranked on 61st position in 2019. Rising 12 ranks, Huawei beats some powerful telecommunications companies in the list this year. Similarly, Huawei ranked 6th position in Boston Consulting Group’s list of the 50 Most Innovative Companies in 2020. The tech giant successfully jumped 42 ranks up from last year, which was again the highest-rank for Huawei since it first stepped into the list in 2012.

Fortune 500 list

The Fortune 500 list ranks companies concerning their revenues and profits. It helps renowned companies to assess factors that determine strength, size, and international competitiveness. The Fortune 500 ranking is considered a prime parameter of the global economy that surpasses the barrier of nationality, territories, and cultural differences.

The revenue growth of Huawei in the first half of 2020 despite major geopolitical controversies is remarkable. Huawei demonstrated an upswing of 13.1% in revenue, which is a growth from last year’s 5.6% net profit.

To help the world battle against COVID-19, Huawei initiated an Anti-COVID-19 Partner Program that mainly focused on Artificial Intelligence (AI), Smart Healthcare, Remote Office, and Online Education.

“The complex external environment makes open collaboration and trust in global value chains more important than ever. Huawei has promised to continue fulfilling its obligations to customers and suppliers, and to survive, forge ahead, and contribute to the global digital economy and technological development,” said Huawei in July during the announcement of its 2020 H1 business results.

After facing US sanctions in international businesses like the recent UK 5G ban, Huawei would have failed to make profits. Surprisingly, Huawei showed incredible performance in the global market and also marked its place in the 2020 Fortune Global 500 Ranking. Huawei jumped on 49th rank this year from 61st in 2019 with an increase of 13.1% in revenue from last year.

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