Huawei annual report for 2020 indicates that it reported 3.2 percent increase in net profit to 64.6 billion yuan or $9.83 billion in 2020 as compared to growth of 5.6 percent a year earlier.

Huawei’s total revenue increased 3 percent to 891.4 billion yuan in 2020. Huawei created revenue of 482.9 billion yuan from consumer, 302.6 billion yuan from telecom networking and 100.3 billion yuan from enterprise business in 2020.

Huawei’s overseas revenues declined due to disruption caused by the pandemic and the company’s placement on a U.S. export blacklist.

Huawei was put on an export blacklist by former U.S. President Donald Trump in 2019 and barred from accessing technology of U.S. origin, affecting its ability to design its own chips and source components from outside vendors.

The ban put Huawei’s handset business under immense pressure, with the company selling off its budget smartphone unit to a consortium of agents and dealers in November 2020 to keep it alive.

Huawei reported that 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.

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

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

Its business declined everywhere else, with revenues down 12.2 percent to 180.8 billion yuan in Europe, the Middle East and Africa, down 8.7 percent to 64.4 billion yuan in the rest of Asia, and down 24.5 percent to 39.6 billion yuan from the Americas.

Revenue from the company’s enterprise segment rose 23 percent to 100.3 billion yuan.

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