{Disarmed} Huawei is struggling with massive sales losses

Huawei logo

Things seem to be getting worse and worse for Huawei. Because the US sanctions are probably causing the Chinese manufacturer a lot more trouble than previously assumed. The manufacturer's current sales figures give cause for concern. Because these look worrying.

Huawei's sales slumped 38 percent year-on-year in the third quarter as US sanctions severely impacted the smartphone business and new potential growth areas are still in their infancy.

Former US President Donald Trump blacklisted Huawei in 2019 and denied the company access to key technology from the US, preventing the company from developing its own chips and sourcing components from third-party suppliers.

The restrictions have severely affected Huawei's cell phone business. Huawei smartphone sales will decline by about $ 30 billion to $ 40 billion this year. And that also has a massive impact on sales across the entire group.

Huawei reported first three quarters revenue of 455.8 billion yuan ($ 71.32 billion) on Friday, almost a third less than the same period last year, with a profit margin of 10.2 percent.

Sources):
Reuters

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