BusinessWorld
April 29, 2021 | 3:26 pm
Huawei Technologies Co.’s revenue shrank for a second straight quarter after U.S. sanctions devastated the embattled Chinese tech giant’s smartphone business.
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.
“2021 remains a challenging year for Huawei, but it also marks the start of a clear strategy for the company’s future,” rotating Chairman Eric Xu said in the statement Wednesday. “Huawei will continue to focus on technological innovation and investing in R&D to ensure supply continuity under sanctions.”
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.