Categories: World

Huawei: Sales increase for the first time after US sanctions

Huawei: Sales increase for the first time after US sanctions

Huawei reported its first quarter with sales growth since the end of 2020, when the Chinese telecom giant was blacklisted in the US, taking a big hit to its business.

In particular, Huawei’s revenue in the quarter ended June was 170.6 billion yuan ($25.2 billion), showing an increase of 1%.

At the same time, however, Huawei’s quarterly net profit fell 35 percent to 9.48 billion yuan, Bloomberg estimates based on the company’s disclosure of a half-year net profit margin of 5 percent.

The Chinese giant’s net income fell mainly due to high initial costs in new business areas and the development of new technologies, according to a company representative.

Among other things, Huawei said it plans to increase investment in its auto-related business this year, with an additional 2,000 engineers from last year and $500 million in capital.

Source: Capital