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Huawei’s revenues fall as sanctions kick in

March 30, 2022

By Chris Forrester

Chinese technology company Huawei saw revenues for 2021 of 636.8 billion Chinese yen (€89.6bn), but this is dramatically down on the 891.4 billion yen revenue for 2020 – a fall of 28.5 per cent.

The biggest hit was to the company’s consumer business, no longer being allowed access to Google’s Playstore for example, which saw revenues plummet 49.1 per cent.

Huawei remains a consumer electronics giant, and is still a major supplier of cellular handsets. Revenue for wearable devices and smart screens grew 30 per cent year on year, Huawei said

Guo Ping, Huawei’s current chairman, commented: “Overall, our performance was in line with forecast. Our carrier business remained stable, our enterprise business experienced steady growth, and our consumer business quickly expanded into new domains. In addition, we embarked on a fast track of ecosystem development.”

“Despite a revenue decline in 2021, our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty,” added Huawei’s Meng Wanzhou, the company’s CFO.

Huawei said its operating profit in 2021 was 121.4 billion yen, a margin of 19.1 per cent.

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