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Sunday, September 25, 2022

Huawei revenue down more than 6 percent in first half of 2022

Revenue at Chinese telecom giant Huawei dipped by more than six percent in the first half of 2022, company figures showed Friday, as the Covid-19 pandemic and US-China trade rivalry hit sales.

The company brought in 301.6 billion yuan ($44.8 billion), according to the data, a slip of 6.2 percent on the previous year.

“While our device business was heavily impacted, our ICT infrastructure business maintained steady growth,” Ken Hu, Huawei’s rotating chairman, said in a statement.

A supplier of telecom networking equipment, phones, and other state-of-the-art gear, Huawei has struggled in the wake of a crackdown by the administration of former US president Donald Trump prompted by cybersecurity and espionage concerns.

The Biden administration has added to the pressure on the firm with the recently passed US Chip Act, which could threaten its access to global semiconductor supply chains.

Profit growth for the first half slowed to five percent, down from 9.8 percent over the same period last year, Friday’s figures showed.

The company’s smartphone sales have also slowed after the United States cut Huawei off from key parts and barred it from using Google’s Android services, continuing to decline in the first half.

The company is not publicly listed and its accounts are not subject to the same audits as companies traded on the stock market.

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