Huawei’s revenue stable is under sanctions
2022.12.30 00:21
Huawei’s revenue stable is under sanctions
Budrigannews.com – On Friday, the tech giant Huawei Technologies Co Ltd. of China estimated that its revenue in 2022 would rise by 0.4% annually, indicating that the sales decline caused by U.S. sanctions had stopped.
In the company’s annual New Year’s letter, rotating chairman Eric Xu revealed the figure, despite the fact that revenue only slightly increased.
In the letter that was sent to staff members and made public to the media, Xu wrote, “U.S. restrictions are now our new normal, and we’re back to business as usual.”
According to Xu, the company anticipates generating 636.9 billion yuan, or $91.53 billion, in revenue for the year.
That is a slight increase from 2021, when revenue reached 634 billion yuan ($99.48 billion) and sales fell 30% year-over-year as sanctions imposed by the United States took effect.
The company’s revenue for 2022 will still be significantly lower than its 2019 record of $122 billion. The company was a global leader in the sale of Android smartphones at the time.
In 2019, the Trump administration in the United States imposed a trade ban on Huawei, prohibiting the company from using Alphabet (NASDAQ:) due to concerns about national security. Android, Inc.’s operating system for its brand-new smartphones, in addition to other essential technologies originating in the United States.
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Sales of its handsets fell dramatically as a result of the sanctions. The cloud and networking equipment divisions continue to bring in money for the company, which has steadily invested in the electric vehicle (EV) industry.
