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Huawei’s revenue fell 5.9 percent in the first half of 2022

#Huaweis #revenue #fell #percent

Huawei’s revenue fell nearly 6 percent in the first half of 2022, company figures showed on Friday, as the Covid-19 pandemic and US-China trade rivalry hit sales.

The Chinese telecom giant grossed 301.6 billion yuan ($44.8 billion), according to the data, down 5.9 percent from a year earlier.

“While our devices business was badly hit, our ICT infrastructure business has continued its steady growth,” said Ken Hu, Huawei’s rotating board chairman, in a statement.

Weak global demand due to the pandemic, along with a 2019 US blacklist that disrupted its supply chains, has hurt the company’s device business, which sells smartphones and laptops, a Huawei spokeswoman told AFP.

According to industry data provider Canalys, Huawei lost its position among the top five smartphone sellers worldwide in the second quarter.

As a provider of networking equipment, phones and other cutting-edge devices, Huawei has been struggling following a crackdown by former US President Donald Trump’s administration, which cited concerns about cybersecurity and espionage.

The Biden administration has increased pressure on the company with the recently passed US chip law that could threaten its access to global semiconductor supply chains.

Earnings growth for the first half slowed to 5 percent from 9.8 percent in the same period last year, figures on Friday showed.

The company’s smartphone sales have also slowed after the US banned it from using Google’s Android services, and continued to decline in the first half.

The company has launched its own Harmony OS, which is now used on 300 million Huawei devices mostly in China but has yet to be rolled out internationally.

The company’s global expansion plans for 5G infrastructure have also faced a backlash in major economies like the UK, Australia and India over security concerns.

– New business areas –

In the wake of US sanctions, the tech giant has tried to shore up other parts of its business.

It has refocused on the Chinese market, specializing in enterprise and cloud computing to develop smart car components and energy efficiency systems.

“We will leverage trends in digitization and decarbonization to continue creating value for our customers and partners and ensure quality development,” said Hu.

Huawei is not publicly traded and its accounts are not subject to the same scrutiny as publicly traded companies.

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