Posted in: Tattle, Technology

Sanction-hit Huawei says revenues down 29% this year

Effects of the US-China trade war felt by the telecom were ‘in line with our forecasts, says chairman Guo Ping

Chinese telecom giant Huawei said on Friday its annual revenue had fallen by nearly a third from the previous year, as it continued to be weighed down by US sanctions that have hit its smartphone sales.

Huawei has been caught in the crossfire of a US-China trade and technology rivalry after the administration of former president Donald Trump moved to cripple the company over concerns it could pose a cybersecurity and espionage threat.

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