By Geoffrey Smith 

Investing.com — Huawei stated its revenue final yr fell probably the most on report, because the squeeze of U.S. sanctions tightened and China’s struggles with COVID-19 hobbled home gross sales.

Internet earnings fell by greater than two-thirds to CNY 35.6 billion ($1=CNY6.8756), cushioned solely by a achieve on the sale of its Honor smartphone model. That was regardless of a 0.9% rise in income to CNY 642.3B, which represented stabilization after a 28% drop in 2021. 

“A difficult exterior surroundings and non-market elements continued to take a toll on Huawei’s operations,” Chairman Eric Xu stated in an announcement.

A ban on gross sales of U.S.-designed semiconductors to the Chinese language telecommunications large, particularly, has hobbled what was as soon as the world’s largest smartphone enterprise. Overseas gross sales have been badly affected by its lack of ability to make use of the Google-owned Android working system, proscribing the corporate largely to the home Chinese language market.

Income at its cellular community infrastructure additionally stabilized at CNY 284B however stays underneath strain as an rising variety of U.S. allies be part of the U.S. in banning it from all or a part of their 5G networks over safety issues. 

The stagnation and decline in what have been its two most essential companies lately was partly compensated by progress in cloud internet hosting, which generated CNY45B in gross sales final yr (the primary yr Huawei has damaged out such knowledge). It seems to have accounted for many of the progress within the enterprise division during which it’s housed, the place income grew 30% to CNY 133B.