The Daily Times Newspaper

Record Profit for Huawei in 2021, Despite US Sanctions

38,433

Chinese telecom giant Huawei has recorded a record profit in 2021, despite US sanctions against the company. Profits were 76 percent higher than the year before. It is the company’s best performance ever.

 

For the whole of 2021, Huawei achieved a net profit of 113.7 billion yuan, compared to 64.6 billion yuan a year earlier. However, sales fell 28.5 percent year on year.

Huawei did not disclose details of the number of mobile phones it sold last year. For a time, the brand was one of the three largest smartphone manufacturers globally, with South Korean Samsung and American Apple. Huawei was the largest producer for a while, thanks to Chinese demand and sales in emerging markets.

However, the 2018 US sanctions cut the company off from the global supply chain in parts. Washington also urged its allies not to use Huawei to equip 5G networks. According to the US, Beijing could use the Chinese company to spy on a country’s communications and data traffic.

As a result, the company refocused on the Chinese market and diversified its activities, including cloud services and smart vehicles.

Leave A Reply