Huawei has ranked 49th place in this year’s Fortune Global 500 Ranking, from 61st place last year. This is the first time when Huawei making its entry among the top 50 companies.
Huawei’s net profit rose 5.6% in 2019, and revenue grew a further 13.1% year-on-year in the first half of 2020, despite facing tough sanctions from the U.S.
The Fortune 500 list ranks companies according to their revenue and profit, focusing on the size of the companies compared with other lists.
The Fortune 500 rankings have become an important indicator that renowned companies use to measure their own strengths, size, and international competitiveness, a parameter of the global economy that transcends beyond borders, nationality, and cultural differences.