Huawei Warns of Supply Chain Disruption After Growth Evaporates
Bloomberg 1 hr ago Bloomberg News
(Bloomberg) Huawei Technologies Co.’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.
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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 off previously reported figures.
Huawei quarterly sales fell for first time after US sanctions news24.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from news24.com Daily Mail and Mail on Sunday newspapers.
Six months after the Trump administration dealt a crushing blow to Huawei Technologies Co.’s smartphone business, the Chinese telecommunications giant is turning to less glamorous alternatives that may eventually offset the decline of its biggest revenue contributor.
Among its newest customers is a fish farm in eastern China that’s twice the size of New York’s Central Park. The farm is covered with tens of thousands of solar panels outfitted with Huawei’s inverters to shield its fish from excessive sunlight while generating power. About 370 miles to the west in coal-rich Shanxi province, wireless sensors and cameras deep beneath the earth monitor oxygen levels and potential machine malfunctions in mine pit all supplied by the tech titan. And next month, a shiny new electric car featuring its lidar sensor will debut at China’s largest auto show.
Huawei pivots to fish farms, mining after US blocks its phones 6 min. 15.03.2021
Once the worldâs largest smartphone maker, the company has seen a series of US sanctions almost obliterate its lucrative consumer business Once the worldâs largest smartphone maker, the company has seen a series of US sanctions almost obliterate its lucrative consumer business Phone shipments tumbled 42% in the final three months of 2020 for the Chinese company Photo credit: AFP
Six months after the Trump administration dealt a crushing blow to Huawei Technologies Co.âs smartphone business, the Chinese telecommunications giant is turning to less glamorous alternatives that may eventually offset the decline of its biggest revenue contributor.
Huawei pivots to fish farms, mining after U S blocks its phones bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.