Huawei sees revenue dip 28%, pivots to tap green demand

Huawei Technologies has reported a 28.56% dip in its revenue last year, which saw a sharp decline in its smartphone business. Embattled amidst ongoing US trade sanctions, the Chinese technology vendor is “readjusting” its business portfolio to tap digitalisation and carbon neutrality opportunities.

Its 2021 revenue came in at 636.8 billion yuan ($100.01 billion), down from 891.4 billion yuan in 2020. Its net profits, however, climbed 75.9% to 113.7 billion ($17.86 billion), Huawei said Monday. Cash flow from operating activities grew to 59.7 billion yuan ($9.38 billion).

At a media briefing, rotating chairman Guo Ping said its carrier business was “stable” while the enterprise business was seeing “steady growth”. Its consumer business had moved into “new domains”, he said. 

Huawei CFO Meng Wanzhou, speaking in an official event for the first time since her return from Canada, said at the briefing that the company was “more capable of dealing with uncertainty” on the back of growing profits and cash flows, despite a drop in its 2021 revenue. 

The announcement confirmed forecast warnings Guo alluded to last December in his new year message to employees. He had pointed to an unpredictable business environment, “politicisation of technology“, and growing deglobalisation as “serious challenges” the

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