Chinese telecommunications giant Huawei posted a 5.9% year-on-year drop in revenue in the first half of 2022, according to group data released on Friday.
The company, which faces US sanctions, had a turnover of 301.6 billion yuan ($44.8 billion) between January and June, up from 320.4 billion yuan a year earlier.
The covid-19 pandemic and the global situation “strongly” affected the group’s activities, admitted Huawei’s acting president, Ken Hu.
“While our device business was hit hard, our ICT (Information and Communication Technology) infrastructure business maintained steady growth,” the executive added, however.
The profit margin reached 5%, according to a statement from the company, which did not provide financial results for the period. A year earlier, this coefficient that measures profitability was 9.8%.
The group, which is headquartered in Shenzhen in southern China, is at the center of an intense technological rivalry between China and the United States.
Washington regularly accuses Huawei of posing a danger to national security due to its possible links with Chinese intelligence services, something the company denies.
In 2018, the Trump administration blacklisted Huawei, prohibiting US companies from selling it sensitive technology, including microprocessors. The current Biden administration has not changed that policy.
Samuel Edwards is the name you must have heard many times while reading reports related to Finance, that’s what he is good at. From Major Investments to Stock Market Updates, he got ’em all. Be ready to blow your mind by the mind-blowing reports of Finance World from Samuel Edwards.