Huawei says it’s out of ‘crisis mode’ even though revenue hasn’t changed

Chinese tech giant Huawei says it has come out of “crisis mode” after years of U.S. restrictions that choked its sales in overseas markets, though its 2022 revenue was flat from a year earlier.

HONG KONG — Chinese tech giant Huawei says it has come out of “crisis mode” after years of U.S. restrictions that have choked its overseas sales, even though its 2022 revenue is flat compared to last year.

“US restrictions are now our new normal, and we are back to business as usual,” said Eric Xu, Huawei’s current chairman, in a New Year’s message released on Friday.

Huawei Technologies Ltd., China’s first global tech brand, has been struggling since then US President Donald Trump blocked it from access to US processor chips and other technology in 2019 on the grounds that Huawei could facilitate Chinese espionage.

Huawei has denied allegations that this could be a security risk.

Huawei’s unaudited revenue for 2022 is projected to be 636.9 billion yuan ($91.6 billion), almost unchanged from a year earlier and in line with earlier estimates.

Xu said in the release that the firm’s telecommunications network business has maintained “solid growth” and that the downturn in the device sector – mainly phones – has eased.

He also said the firm has seen “rapid growth” in its cloud business.

Huawei did not release more detailed financial data about its business or the firm’s overall earnings.

Next year, Xu pledged to maintain Huawei’s significant investment in research and development and said its cloud business should be the “backbone” to drive growth.

He made only a passing mention of the pandemic, praising the company’s “front line staff outside of China – those who have held on to serve our customers despite the adverse impact of COVID-19…”

Xu’s post made no mention of the recent abrupt end to strict virus controls or the major coronavirus outbreaks sweeping China and other countries.

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