Huawei’s net profit in 2022 was 69% to $5.18 billion, the biggest drop in the company’s history.
Huawei attributes the growth in revenue to tough quarantine measures in China and US sanctions, due to which the company is forced to increase investment in development and diversify its business.
In addition, in 2021, Huawei saw a big increase in profits after the sale of Honor. In part, this also manifests itself in large percentages in annual profits.
Huawei reports biggest drop in profits due to US sanctions and pandemic funds hitting the Chinese giant
Huawei has been looking to diversify into new areas, including cloud computing and automotive, after several rough years when US sanctions hit the company.
www.cnbc.com
Source: Iphones RU
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