Huawei profit plummets amid sanctions but sales rise

(allOver images/Alamy/PA)

Huawei has reported a nearly 70% decline in profit last year amid sanctions and pandemic challenges – but its enterprise sales rose as the Chinese technology giant sought to pivot into digital industries and reduce its vulnerabilities to US sanctions.

“While it’s true that we have considerable pressures ahead of us, we still see opportunities to grow a resilient business portfolio, a unique competitive edge, the trust of our customers and partners and have the courage to invest heavily in R&D,” Eric Xu, the outgoing rotating chairman of Huawei, said during a press conference Friday.