New Telegraph

Huawei moves up ranking in fortune global 500 list

Huawei’s ranking position in the global top 500 enterprises has improved from the 49th position in the year 2020 to 44th position presently. The privately employeeowned firm, Huawei entered the list for the first time in 2010, ranking 397th, and by 2020, when Huawei leapt from 72nd to 49th place, broke into the top 50 for the first time.

The Fortune Global 500 annualrankingmeasuresthe business revenue of the top businesses across industries. The companies generated revenues totalling more than one-third of the world’s GDP and employed 69.7 million people worldwide, however, their total revenue shrank over the past year.

After reaching a record high of $33.3 trillion in the 2020 edition, the total revenue for the world’s biggest 500 companies fell from 4.8 per cent to $31.7 trillion this year. It was the first decline in half a decade. The culprit was the global COVID-19 pandemic that slammed huge swathes of the global economy as countries went into lockdown.

Interestingly, this was a boon for technology companies; a sector that not only demonstrated its importance to society, but also managed to continue to grow in 2020. During the recent announcement of Huawei’s first half results for 2021, during which Huawei’s net margin increased from 9.2 per cent to 9.8 per cent compared to the same period last year.

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