Sanctions-hit Huawei says back to 'business as usual'

Huawei, a leading supplier of telecom gear, has been hit by US sanctions in recent years over cybersecurity and espionage concer
Huawei, a leading supplier of telecom gear, has been hit by US sanctions in recent years over cybersecurity and espionage concerns.

Chinese tech giant Huawei said on Friday it had returned to "business as usual" despite US sanctions as it estimated annual revenues to remain flat for 2022.

A leading supplier of telecom gear, smartphones and other advanced equipment, Huawei was hammered during a crackdown by the administration of previous US president Donald Trump over cybersecurity and espionage concerns.

His successor Joe Biden has added to that pressure with regulations that threaten Huawei's access to global semiconductor supply chains.

But Huawei's chairman Eric Xu sounded a positive note in a New Year's message.

"In 2022, we successfully pulled ourselves out of crisis mode. US restrictions are now our new normal," he said in the letter.

"We're back to business as usual."

The company estimated annual revenue for 2022 at 636.9 billion yuan ($92 billion), up only slightly from the 636.8 billion yuan in 2021.

Huawei has moved to diversify revenue streams after US-led sanctions took a major chunk out of its and smartphone businesses.

Its 5G gear has been blocked in major markets including the United States, Britain and Japan over . Huawei has denied allegations that its equipment carries risks of sabotage and spying.

And the company—once the world's top smartphone maker—has seen sales slump after the United States cut off access to key parts and also barred it from using Google's Android operating system.

Huawei has since moved into the cloud computing sector—with an aim to invest in data centres around the world—and also focused on offering consumer tech such as smartwatches in addition to phones.

The firm has also boosted its footprint in the auto sector as a supplier.

The company did not provide details about its or a breakdown of figures from its various divisions.

Huawei is not publicly listed and its accounts are not subject to the same audits as companies traded on the stock market.

© 2022 AFP

Citation: Sanctions-hit Huawei says back to 'business as usual' (2022, December 30) retrieved 28 January 2023 from https://techxplore.com/news/2022-12-sanctions-hit-huawei-business-usual.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

Huawei revenue down 2.2% in first three quarters of 2022

4 shares

Feedback to editors