Huawei's Revenue Falls Down 2.2 Percent This Year Amid US Sanctions

Huawei has stepped up development of network technology for autos, hospitals, mines and manufacturing.

Huawei's Revenue Falls Down 2.2 Percent This Year Amid US Sanctions

Photo Credit: Reuters

Huawei's third-quarter revenue rose 6.5 percent from a year ago

Highlights
  • Huawei has struggled since 2019 with blocked access to US chips
  • Huawei denies the US accusations of facilitating Chinese spying
  • Huawei's profit margin for the first nine months of 2022 was 6.1 percent
Advertisement

Chinese tech giant Huawei's revenue rose in the latest quarter as infrastructure sales helped to offset damage to its smartphone business under the US sanctions, according to figures released Thursday.

Revenue in the first nine months of 2022 declined 2.2 percent from a year earlier to CNY 445.8 billion (nearly Rs. 5,07,400 crore), according to the company, the biggest maker of network gear for phone and internet carriers. Based on data released earlier, that suggested third-quarter revenue rose 6.5 percent from a year ago to CNY 144.2 billion (nearly Rs. 1,64,100 crore).

Huawei Technologies, China's first global tech brand, has struggled since then-President Donald Trump blocked access to US processor chips and other technology in 2019. The company denies American accusations it is a security risk and might facilitate Chinese spying.

Huawei has stepped up development of network technology for autos, hospitals, mines and manufacturing. It says that is less vulnerable to the US sanctions.

The company said its profit margin for the first nine months of 2022 was 6.1 percent, which would be about CNY 27 billion (nearly Rs. 30,700 crore). It said that was a decline from the previous year but gave no details.

“The decline in our device business continued to slow down, and our ICT infrastructure business maintained steady growth,” said Eric Xu, one of three Huawei executives who take turns as chairman, in a statement.

This year “may prove to be the most challenging” for smartphones and other devices, a separate company statement said. It gave no sales details.

Huawei's auto venture has played a role in five models released by three Chinese automakers. Huawei supplies components and software for navigation, dashboard displays, managing vehicle systems and other services.

Huawei, founded in 1987, says it is owned by the Chinese citizens who make up half of its global workforce of 1,95,000.

 


Is the Realme Pad the best budget tablet you can purchase under Rs. 20,000? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Huawei, China, US sanctions
Realme 10, Realme 10 Pro+ Key Specifications Tipped, Live Image Leaked Ahead of Launch
Signal Would Rather Exit a Country Than Compromise on End-to-End Encryption, Meredith Whittaker Says
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »