SINGAPORE: Huawei’s Q1 sales down 14% as U.S. sanctions remain
SINGAPORE (AP) — Chinese telecoms equipment and smartphone maker Huawei’s sales fell 14% in January-March from a year earlier as it pumped money into research and development while grappling with U.S. sanctions, according to figures released by the company Thursday.
Huawei Technologies said its revenue was 131 billion yuan ($19.8 billion) in the first quarter of 2022, compared to 152.2 billion yuan a year earlier.
Its net profit margin for the quarter was 4.3%, down from 11.1% in the same quarter of 2021.