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Huawei on Friday reported a nearly 70% decline in profit last year amid sanctions and pandemic challenges, but its enterprise sales rose as the Chinese technology giant sought to pivot into digital industries and reduce its vulnerabilities to U.S. sanctions.
“While it’s true that we have considerable pressures ahead of us, we still see opportunities to grow a resilient business portfolio, a unique competitive edge, the trust of our customers and partners and have the courage to invest heavily in R&D,“ Eric Xu, the outgoing rotating chairman of Huawei, said during a news conference Friday.
Huawei said Friday that its annual revenue for 2022 reached 642.3 billion yuan ($93.5 billion), a 0.9% gain from the year before.
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, an increase in commodity prices and a decline in the company’s consumer business, which mostly sells smartphones. Huawei reported a higher-than-usual 113.7 billion yuan ($16.55 billion) in profit in 2021 due to the sale of Honor, its budget smartphone business.
