AP

Huawei says it’s out of ‘crisis mode,’ though revenue flat

Dec 30, 2022, 12:31 AM | Updated: Jan 3, 2023, 2:50 pm

HONG KONG (AP) — Chinese technology giant Huawei says it has emerged from “crisis mode” after years of U.S. restrictions that have stifled its overseas sales, even though its revenue for 2022 failed to grow from a year earlier.

“U.S. restrictions are now our new normal, and we’re back to business as usual,” Eric Xu, Huawei’s current chairman, said in a New Year’s message released Friday.

Huawei Technologies Ltd., China’s first global tech brand, has struggled since then-U.S. President Donald Trump blocked its access to U.S. processor chips and other technology in 2019 on grounds that Huawei could facilitate Chinese spying.

Huawei denies accusations that it could be a security risk.

Huawei’s unaudited revenue for 2022 is forecast to be 636.9 billion yuan ($91.6 billion) — nearly unchanged compared to a year earlier and in line with earlier estimates.

Xu said in the message that the firm’s telecommunications network business maintained “steady growth” and that a decline in its devices sector — mainly phones — had abated.

He also said that the firm achieved “rapid growth” in its cloud business.

Huawei did not release more detailed financial figures for its businesses or the firm’s overall profit.

For the coming year, Xu pledged to maintain Huawei’s heavy investment in research and development and said that its cloud business needs to become the “foundation” in driving growth.

He mentioned the pandemic only in passing, praising the company’s “frontline staff outside of China — those who have held the fort to serve our customers despite the adverse impacts of COVID-19 …”

Xu’s message did not mention the recent abrupt end to stringent virus controls or major outbreaks of coronavirus now sweeping China and other countries.

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Huawei says it’s out of ‘crisis mode,’ though revenue flat