Earnings

Huawei’s first quarter revenue tumbles as smartphone sales plunge

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Huawei’s smartphone business has struggled under U.S. sanctions that restrict it from buying chips and other components from key suppliers.

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BEIJING — Chinese telecommunications giant Huawei announced Thursday that first quarter revenue fell by nearly 14% from a year ago, while its profit margin more than halved.

“Our consumer business was heavily impacted, and our [information and communications technology] infrastructure business experienced steady growth,” Ken Hu, Huawei’s rotating chairman, said in a statement. “In 2022, we still face a challenging and complicated business environment.”

The company reported 131 billion yuan ($20.63 billion) in…



Source cnbc.com

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