Huawei fell victim to the trade war between the US and China
Chinese technology giant Huawei has announced that its annual revenue has fallen by about a third compared to the previous year, as it continues to be affected by US sanctions that affect smartphone sales.
Huawei has fallen victim to the trade war between the US and China after the administration of former US President Donald Trump took tough sanctions against the company for fears it could pose a threat to national security in Western countries.
Huawei Vice President Guo Ping said in his New Year’s message that the company’s revenue this year was 634 billion yuan ($99.5 billion), down 29 percent year on year, AFP reported.
Ping said, “We had a very difficult time in 2021. “We continue to create value for our customers and society, and increase operational quality and efficiency.”
Huawei Vice President stated that the telecommunications industry ‘remains stagnant’ and that ‘overall performance is in line with expectations’.