Chinese tech giant Huawei Technologies Co Ltd estimated on Friday, December 30, its 2022 revenue remained flat, suggesting that its sales decline due to US sanctions had come to a halt.
“US restrictions are now our new normal, and we’re back to business as usual,” Xu wrote in the letter that was addressed to staff and released to media.That represents a tiny increase from 2021, when revenue hit 636.8 billion yuan, and marked a 30% year-on-year sales tumble as the US sanctions on the company took effect.
Revenue for 2022 still remained well below the company’s record of $122 billion in 2019. At the time the company was at its peak as the top Android smartphone vendor globally. The sanctions caused its handset device sales to plummet. It also lost access to critical components that barred it from designing its line of processors for smartphones under its HiSilicon chip division.