“Chinese telecom giant Huawei said on Friday its annual revenue had fallen by nearly a third from the previous year,” reports Agence France-Presse, “as it continued to be weighed down by U.S. sanctions that have hit its smartphone sales…”
The firm’s revenue for this year fell by 29% year-on-year to 634 billion yuan ($99.5 billion), said rotating chairman Guo Ping in an annual new year message… Huawei’s revenue has fallen in 2021 due in part to the offloading of its budget phone brand Honor, which was sold [in late 2020]…
Huawei’s travails have forced it to quickly pivot into new business lines including enterprise computing, wearables and health tech, technology for intelligent vehicles, and software. The United States has barred Huawei from acquiring crucial components such as microchips and forced it to create its own operating system by cutting it off from using Google’s Android operating system…
The group is the world’s biggest supplier of telecoms network gear and was once a top-three smartphone producer along with Apple and Samsung. But it has fallen well down the smartphone ranks owing to US pressure.
In October, the group said its January-September sales volume had fallen 32%.
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