AFP | | Posted by Lingamgunta Nirmitha Rao
Huawei’s earnings fell virtually 69 % final yr, the corporate mentioned Friday, as US sanctions and worldwide financial uncertainty bit into the Chinese language tech big’s earnings.
The corporate generated 35.6 billion yuan ($5.2 billion) in web revenue in 2022, it mentioned, down 68.7 % from a document 113.7 billion final yr.
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“In 2022, a difficult exterior surroundings and non-market elements continued to take a toll on Huawei’s operations,” Huawei rotating chairman Eric Xu mentioned on the firm’s annual report press convention.
“Within the midst of this storm, we saved racing forward, doing all the things in our energy to take care of enterprise continuity and serve our clients,” he mentioned.
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“We additionally went to nice lengths to develop the harvest — producing a gradual stream of income to maintain our survival and lay the groundwork for future growth.”
Huawei has moved to diversify income streams after US-led sanctions took a serious chunk out of its telecom tools and smartphone companies.
Its 5G gear has been blocked in main markets together with the US, Britain and Japan over safety issues. Huawei has denied allegations that its tools carries dangers of sabotage and spying.
And the corporate — as soon as the world’s high smartphone maker — has seen gross sales stoop after the US minimize off entry to key components and barred it from utilizing Google’s Android working system.