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Huawei's revenue extend decline in first quarter as telecoms giant struggles under US sanctions
- In the first quarter, Huawei recorded US$19.86 billion in revenue, with a net profit margin of 4.3 per cent
- Huawei is betting on sectors that are less reliant on US technologies, such as smart vehicle systems for carmakers and enterprise services
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Chinese telecommunications giant Huawei Technologies Co said its first-quarter revenue declined 13.9 per cent year on year, as US sanctions continued to take a toll on its operations.
The decline, however, marked a deceleration from the 28.6 per cent drop in full-year revenue for 2021.
In the first quarter, Huawei recorded 131 billion yuan (US$19.86 billion) in revenue, with a net profit margin of 4.3 per cent, the Shenzhen-based company said on Thursday.
Huawei is a privately-held company, but it releases financial statements on a regular basis.
The telecoms giant is struggling to diversify its revenue sources after US sanctions restricted its access to advanced chips, crippling the company’s once-lucrative smartphone business. Meanwhile, Huawei has reportedly put some operations in Russia on hold to minimise risks of “secondary sanctions”.
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