Huawei posted its first yearly revenue fall on record in 2021 as US sanctions continued to hamper the company, according to a news release by Hauwei on Monday.
- Meanwhile, the Chinese tech giant’s income grew last year as it focussed on bolstering profitability.
- For the full year 2021, Huawei generated revenue of 636.8 billion Chinese yuan ($99.9 billion), falling 28.5% YoY. That is the first annual fall in revenue since 2002.
- Meng Wanzhou, chief financial officer Huawei stated that US sanctions, supply continuity challenges, and slowing 5G demand in China were the causes of the revenue plunge.
- Net profit surged 75.9% year on year to 113.7 billion yuan, last year.
- Meng further stated that despite the fall in revenue in 2021, the company’s ability to generate cashflows and profit is improving.
Huawei spent 142.7 billion yuan on research and development in 2021, slightly higher than the 141.9 billion reported in 2020.