Huawei’s quarterly revenue shrank for the first time on record, reflecting the devastating impact of U.S. sanctions that forced China’s largest technology company out of smartphones and into other technology arenas.
The disappointing results underscore the depth of the damage Washington has wrought on a company that once vied with Apple Inc. and Samsung Electronics Co. to lead the global smartphone market. It reported revenue fell 11% to 220.1 billion yuan ($33.5 billion) in 2020’s final quarter. That’s down from 3.7% growth in the September quarter and 23% in the second quarter, according to Bloomberg calculations based on previously reported figures.
News Source: Hindustan times