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Huawei out of ‘crisis mode’ despite US-led sanctions

Chinese tech giant Huawei has said it had returned to “business as usual” despite US sanctions as it estimated annual revenues to remain flat for 2022.

“In 2022, we successfully pulled ourselves out of crisis mode. US restrictions are now our new normal,” Huawei’s chairman Eric Xu said in a letter on Friday.

“We’re back to business as usual.”

A leading supplier of telecom gear, smartphones and other advanced equipment, Huawei was hammered during a crackdown by the administration of previous US president Donald Trump over cybersecurity and espionage concerns.

His successor Joe Biden has added to that pressure with regulations that threaten Huawei’s access to global semiconductor supply chains.

The company estimated annual revenue for 2022 at $92 billion (636.9 billion yuan), up only slightly from 636.8 billion yuan in 2021.

READ MORE: Canada bans Chinese Huawei, ZTE from 5G networks

Diversifying its sectors

Huawei has moved to diversify revenue streams after US-led sanctions took a major chunk out of its telecom equipment and smartphone businesses.

Its 5G gear has been blocked in major markets including the United States, Britain and Japan over security concerns. Huawei has denied allegations that its equipment carries risks of sabotage and spying.

And the company — once the world’s top smartphone maker — has seen sales slump after the United States cut off access to key parts and also barred it from using Google’s Android operating system.

Huawei has since moved into the cloud computing sector — with an aim to invest in data centres around the world — and also focused on offering consumer tech such as smartwatches in addition to phones.

The firm has also boosted its footprint in the auto sector as a supplier.

The company did not provide details about its net profit or a breakdown of figures from its various divisions.

Huawei is not publicly listed and its accounts are not subject to the same audits as companies traded on the stock market.

READ MORE: Huawei revenue down 5.9 percent in first half of 2022

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