Chinese technology company Huawei announced this Monday that its net profit will increase by 75.9% in 2021 to 113.7 billion yuan (16.28 billion euros). At the same time, the company, which is not registered on the stock exchange, revealed that its total turnover in 2021 fell by 28.5% compared to 2021 and amounted to 636.8 billion yuan (91.19 billion euros).
According to a report by the company, the consumer services division, which includes smartphone sales, fell by about 50% year-on-year to 243.5 billion yuan (34.77 billion euros). Its devices are being weighed down by a U.S. veto over its tech companies selling technology to Huawei, which has stripped it of access to components and software such as Google’s Android operating system. The move has forced the Chinese firm to develop its own, which it launched last summer, but has apparently failed to convince consumers who have not returned to the top five sellers by the end of 2020.
The service of telephone operators had a turnover of 281.5 billion yuan (40.21 billion euros), 7% less than the previous year. In this case, your business could be affected by a possible complete veto of your technology on 5G networks in European countries. The British government has announced that it is consulting with its operators on this possibility. Similar measures began after the US president condemned Huawei’s links to Chinese intelligence in 2019.
“While turnover declined in 2021, our ability to generate profits and cash flows and now we can deal with all the uncertainty we need to create,” said Meng Wangzhou, the firm’s chief financial officer. During a virtual press conference in the southern Chinese city of Shenzhen, where Huawei is located.
This was the first time Meng had participated in such a public event since he returned to China in September last year, after Canada released him under an agreement with U.S. authorities to drop a fraud lawsuit against him and Chinese technology.
Source: El Diario
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
