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Huawei Sales Down 32% As Company Reels From Sanctions
Huawei sales are down 32% from last year as the company continues to struggle with sanctions from the US and its allies.
Once a leader in the network equipment and smartphone markets, Huawei came under scrutiny for its close ties to Beijing and the Chinese intelligence community. US intelligence agencies, as well as those from other countries, viewed the company as a threat to national security and took steps to ban it from participating in 5G network rollouts.
The US also took action to cut Huawei off from the semiconductors and supplies it needed to build its own line of smartphones, crippling the company to the point that it ended up selling off Honor, one of its smartphone brands.
According to The Seattle Times, the various sanctions have had a devastating impact, with Huawei’s sales down 32% in the first nine months of 2021, compared with last year.
Huawei has been pivoting to other businesses, such as cloud computing and software, areas less vulnerable to sanctions, but those endeavors have yet to make up for the company’s lost business.
Huawei Sales Down 32% As Company Reels From Sanctions
Matt Milano
from WebProNews https://ift.tt/3EvcC9R
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