Huawei profit sinks in 2022 amid sanctions but sales higher

By ZEN SOO
Associated Press

HONG KONG (AP) — Huawei on Friday reported a nearly 70% fall in profit last year amid sanctions and pandemic challenges, but saw its enterprise sales rise as the Chinese technology giant sought to pivot into digital industries and reduce its vulnerability to U.S. sanctions. Huawei said Friday that its annual revenue for 2022 reached 642.3 billion yuan ($93.5 billion), a 0.9% gain from the previous year. The net profit for the year was 35.6 billion yuan ($5.18 billion), down 68.7% from 2021 amid pressures from the pandemic, U.S. sanctions, higher commodity prices and a decline in the company’s consumer business, which mostly sells smartphones.