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Huawei suffers biggest-ever decline in revenue after US blacklisting

Chinese smartphone maker’s earnings fall 29% as sanctions imposed by Washington choke off supply of parts

Chinese technology giant Huawei suffered its biggest-ever decline in revenue in the first half of this year, after the US imposed sanctions that battered its smartphone sales around the world.

Chair Eric Xu said that survival in spite of US pressure was Huawei’s overriding priority, as it attempts a “pivot to software” to boost its resilience through diversification.

“We’ve set our strategic goals for the next five years, our aim is to survive, and to do so sustainably,” Xu said in a statement.

Since Washington first added Huawei to its trade blacklist in 2019, it has progressively tightened the screw, citing national security concerns. Suppliers who use any US technology to make components for Huawei must first receive Washington’s approval, which has in effect choked off the supply of several key parts.

The Chinese tech champion posted revenue of Rmb320.4bn ($49.5bn) in the first half, a decline of 29.4 per cent from the same period last year.

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Source: Financial Times

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