Revenue declines but profit surges

Huawei reported its first yearly revenue decline on record in 2021 as U.S. sanctions continued to hurt the company.

But the Chinese technology giant’s income surged last year as it focused on boosting profitability.

“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,” Huawei’s chief financial officer, Meng Wanzhou, said in a statement.

Huawei’s annual report released Monday is the first high-profile corporate event Meng has led since returning to China from Canada, where she was engaged in a nearly three-year extradition battle with the United States. Meng spoke at a press conference at…