Earnings

Biggest profit decline since 2011, revenue flat

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Huawei’s revenue stabilized in 2022 as the company diversified into new areas like cloud computing and automotive technology. But its profit plunged as pressure from U.S. sanctions and China’s pandemic controls weighed on the Chinese technology giant.

Joan Cros | Nurphoto | Getty Images

Huawei reported on Friday its biggest annual decline in profit on record as U.S. sanctions continue to hit its business and strict pandemic controls in China weighed on the company.

The Chinese telecommunications giant said net profit for 2022 totaled 35.6 billion yuan ($5.18 billion), a 69% year-on-year decline. That’s the bigger than the 54% annual decline in 2011, according to CNBC calculations.

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Source cnbc.com

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