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HUAWEI posts record-high profits for 2021 as revenue continues to drop

By Roland Udvarlaki March 28, 2022, 12:00 pm
HUAWEI logo Source: Pocketnow

HUAWEI just posted its highest annual profit in 2021, mainly thanks to the sale of the HONOR sub-brand. The company reported a sharp drop in revenue as it is continuously losing its market share due to the US sanctions imposed on the company in 2019.

HUAWEI managed to post record-high profits in 2021, although selling HONOR contributed significantly. In 2021, HUAWEI managed to report CNY 636.8 billion ($99.9 billion) in revenue, a 28.6% drop compared to the previous year. The profits were up by 75.9%, with CNY 113.7 billion ($17.8 billion).

During the annual earnings call, the company said that excluding the gains, the company’s main business posted a year-on-year increase in net profit margin. CFO Meng Wanzhou said on the call that despite the revenue decline, “our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty.” (via Mobile World Live)

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Guo Ping, the rotating chairman, tried to stay positive, claiming that the performance was in line with previous forecasts, but mentioned that the company is facing a lot of difficulties moving forward. “We will continue our fight for survival”, said Ping at the conference. The chairman also said that it would continue to invest in new technologies and spend more on R&D, “We are doubling down on our efforts in basic science. Since Huawei is unable to access certain advanced technology due to US trade sanctions.”

HUAWEI is currently unable to use 5G globally in its devices due to the sanctions, and last year’s HUAWEI P50 series used Qualcomm Snapdragon 888 chips, which are 5G capable, although the company was restricted to using 4G only.

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