Huawei registers plateaued revenue growth, US sanctions impact wanes

Chinese tech giant Huawei on Friday (December 30) believed that its 2022 profits remained flat. This implies that decline in company’s sales due to US sanctions experienced come to a halt. The company’s profits have registered a meagre maximize of .02 per cent. In spite of this, rotating chairman Eric Xu sounded upbeat in firm’s yearly New Year’s letter.

“US limits are now our new usual, and we are back to organization as regular,” Xu wrote in the letter that was tackled to staff and released to media.

As for every Xu, the earnings for the 12 months is predicted to be 636.9 billion yuan ($91.53 billion). Huawei’s income has greater by a modest percentage than what it was in 2021 (636.8 billion yuan).

Xu’s letter did not mention Huawei’s profitability. The business typically discloses its complete yearly effects in the subsequent year’s initially quarter.

In 2019, Huawei’s revenue experienced his a record USD 122 billion. At the time the firm was at its peak as the top Android smartphone seller globally.

In 2019, the US┬áTrump administration imposed a trade ban on Huawei, citing countrywide security worries, which barred the company from making use of Alphabet Inc’s Android for its new smartphones, among the other significant US-origin technologies.

The sanctions induced its handset product gross sales to plummet. It also missing accessibility to critical factors that barred it from building its line of processors for smartphones under its HiSilicon chip division.

The firm continues to deliver earnings by using its networking gear division, which competes with Nokia and Ericsson. It also operates a cloud computing division.

(With inputs from businesses)

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