Huawei revenue down 2.2% in first three quarters of 2022, data shows

Revenue at Chinese telecom giant Huawei fell by 2.2 percent year on year in the first three quarters of 2022, company data showed Thursday, as Covid-19 and US sanctions dragged down sales.

Huawei made 445.8 billion yuan ($61.76 billion) in revenue in the first three quarters of 2022, a drop from 455.8 billion yuan in the same period a year ago, according to company data.

Huawei provided few specifics and did not include a breakdown of its data by business segment.

"Our device business was impacted by Covid-19 and global economic downturn," a company spokesperson told AFP.

Eric Xu, Huawei's rotating chairman, said in a statement that "overall performance was in line with forecast".

"The decline in our device business continued to slow down, and our ICT infrastructure business maintained steady growth," Xu said.

A supplier of networking equipment, phones and other state-of-the-art gear, Huawei has struggled in the wake of a crackdown by the administration of former US president Donald Trump fuelled by cybersecurity and espionage concerns.

Current President Joe Biden's administration has added to the pressure with the US Chip Act, which threatens Huawei's access to global semiconductor supply chains.

Its fifth-generation (5G) wireless network technology, meanwhile, has been blocked by major economies including the United States, Britain and Japan due to security concerns.

The company on Thursday said its profit margin for its main business from January to September was 6.1 percent, without revealing its net profit margin, which was 10.2 percent in the first three quarters of 2021.

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