Huawei sees steep decline in revenue in 2021, as US sanctions continue to bite into company | The Straits Times

SHENZHEN – Revenue for the world’s top telecommunications equipment maker, Huawei, declined by a steep 28.6 per cent last year, largely due to a drop in its smartphone business, as US sanctions continued to bite into the company. But net profit hit a record high as Huawei improved operating efficiency and expanded its enterprise business, according to the company’s latest annual report released on Monday (March 28). Huawei’s net profit was 113.7 billion yuan (S$24.3 billion), up 75.9 per cent from a year ago, while revenue fell to 636.8 billion yuan. “The multiple rounds of sanctions imposed by the US…