Despite pressure from US sanctions, Chinese telecom giant Huawei says it has recovered and is back to normal operations. Sales are stable this year at 636.9 billion yuan ($87.8 billion), after a 28.6 percent decline last year.
“In 2022, we successfully emerged from crisis mode,” acting CEO Eric Xu wrote in his New Year email to employees. “U.S. restrictions are now our new normal and we’re back to normal,” he said.
Mobile phones weaken, but network technology does not
Sales of information and communication technology are experiencing steady growth, while the decline in the smartphone business has moderated. The macroeconomic environment is fraught with uncertainties, but digitization and decarbonization are the new avenues forward where opportunities lie for the future, the Huawei chief said.
No chips, no Google services
The US government has imposed sweeping sanctions on Huawei since 2019. The Chinese group’s access to chips from international production and to the Android services of internet giant Google was cut off, which weighed heavily on the smartphone business in particular.
The US assumes that Huawei has close ties with the Chinese authorities and warns of a risk of espionage or sabotage. The company denies the allegations.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
