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Huawei Quarterly Sales Slump as Sanctions Hit Phone Business
Bloomberg 2 hrs ago Bloomberg News
(Bloomberg) Huawei Technologies Co.’s revenue shrank for a second straight quarter after U.S. sanctions devastated the embattled Chinese tech giant’s smartphone business.
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Huawei reported a 17% decline in sales to 152.2 billion yuan ($23 billion) in the first three months of this year, the company said in a statement. That follows a 11% decline in revenue for the three months ended December. Its profit margin rose 3.8 percentage points to 11.1%, which translates into net income of 16.9 billion yuan, as the company trimmed costs and received a $600 million patent license fee.
Huawei Warns of Supply Chain Disruption After Growth Evaporates
Bloomberg 1 hr ago Bloomberg News
(Bloomberg) Huawei Technologies Co.’s quarterly revenue shrank for the first time on record, reflecting the devastating impact of U.S. sanctions that forced China’s largest technology company out of smartphones and into other technology arenas.
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The disappointing results underscore the depth of the damage Washington has wrought on a company that once vied with Apple Inc. and Samsung Electronics Co. to lead the global smartphone market. It reported revenue fell 11% to 220.1 billion yuan ($33.5 billion) in 2020’s final quarter. That’s down from 3.7% growth in the September quarter and 23% in the second quarter, according to Bloomberg calculations based off previously reported figures.