Huawei posts worst interim sales slump in decades as smartphone, telecoms gear businesses shrink amid US sanctions
- Huawei’s first-half revenue fell 29.4 per cent to US$49.5 billion
- Revenue from the company’s consumer business group, comprising mainly smartphone sales, nearly halved to US$21 billion in the same period
First-half revenue fell 29.4 per cent from a year ago to 320 billion yuan (US$49.5 billion), according to data released on Friday by the Shenzhen-based company, which has been reporting its financial results regularly for more than a decade even as it remains a privately held firm.
Revenue from Huawei’s consumer business group, comprising mainly smartphone sales, nearly halved to 135.7 billion yuan in the first half, from 255.8 billion yuan in the same period last year, as the company’s international market share dwindled over its lack of access to advanced chips.
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Still, the company’s enterprise business proved a bright spot. This segment generated sales of 42.9 billion yuan, up 18.2 per cent from a year ago.
“We are looking to become a top three cloud services provider in the Asia-Pacific in the next three years,” Zeng Xingyun, president of Huawei Cloud operations in the region, told the South China Morning Post in Hong Kong this week.