Huawei profit sinks in 2022 amid sanctions, but sales higher
1 year, 8 months ago

Huawei profit sinks in 2022 amid sanctions, but sales higher

Associated Press  

HONG KONG — Huawei on Friday reported a nearly 70% decline in profit last year amid sanctions and pandemic challenges, but its enterprise sales rose as the Chinese technology giant sought to pivot into digital industries and reduce its vulnerabilities to U.S. sanctions. “While it’s true that we have considerable pressures ahead of us, we still see opportunities to grow a resilient business portfolio, a unique competitive edge, the trust of our customers and partners and have the courage to invest heavily in R&D,” Eric Xu, the outgoing rotating chairman of Huawei, said at a news conference. Its net profit for the year was 35.6 billion yuan, down 68.7% from 2021 amid pressures from the pandemic, U.S. sanctions, an increase in commodity prices and R&D spending, as well as a decline in the company’s consumer business, which mostly sells smartphones. Huawei’s enterprise business revenues in 2022 grew 30% from a year earlier to 133.2 billion yuan.

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