Huawei’s revenue fell 29% in 2021

Huawei’s revenue fell 29% in 2021
Huawei’s revenue fell 29% in 2021
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Beijing: The Chinese telecom giant Huawei announced that its annual revenue fell by nearly a third compared to the previous year, as it continued to be affected by the US sanctions that affected its sales of smart phones.

Huawei was a victim of the US-China trade war after the administration of former President Donald launched a campaign against it over fears that it could pose a threat to national security in Western countries.

The company’s revenue for this year fell 29 percent year on year to 634 billion yuan (99.5 billion dollars), Group Chairman Guo Bing said in an annual New Year’s message.

He added, “Despite all the trials and difficulties, in 2021 we worked hard to create tangible value for our customers and local communities,” stressing that “we have enhanced the quality and efficiency of our operations, and we expect to end the year with total revenues of 634 billion yuan.”

He pointed out that the company’s telecommunications sector “remained stable” and “the overall performance was in line with our expectations.”

Huawei is not listed on the stock exchange. The letter did not provide any other financial details.

Guo said the company is on a ” bumpy but fruitful ” road , adding that 2022 will bring its ” share of challenges ” .

New business lines

The hardships forced Huawei to quickly switch to new lines of business including enterprise computing, wearable devices, biotechnology, smart cars and software.

The United States has blocked Huawei from acquiring important components such as chips and forced it to build its own operating system after banning its use of Google’s Android operating system.

This month, the company launched a new foldable phone and said 220 million Huawei devices are running its Harmony OS.

The group is the world’s largest supplier of communications network equipment and was previously among the three largest producers of smartphones, along with “Apple” and “Samsung”, but it has fallen significantly due to US pressure.

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