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Sanction hit Huawei says revenues down 29 percent this year

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Huawei has been caught in the crossfire of a US-China trade and technology rivalry after the administration of former president Donald Trump moved to cripple the company over concerns it could pose a cybersecurity and espionage threat."In 2021, despite all the trials and tribulations, we worked hard to create tangible value for our customers and local communities," Guo said.He added that the telecom carrier segment had "remained stable" and "overall performance was in line with our forecasts."Huawei is not publicly listed, and the message did not give any other financial specifics.Huawei's travails have forced it to quickly pivot into new business lines including enterprise computing, wearables and health tech, technology for intelligent vehicles, and software.This month, the company launched a new foldable phone and said 220 million Huawei devices were running its HarmonyOS system. But it has fallen well down the smartphone ranks owing to US pressure.But a major complication for the company was solved this year with the return to China of chief financial officer Meng Wanzhou, the daughter of Huawei founder Ren Zhengfei.Meng was released a month ago after US prosecutors announced an agreement under which fraud charges were to be suspended and eventually dropped….



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