(Huawei) Tech giant Huawei reported a net profit of 113.7 billion yuan in 2021, an increase of 75.9% from the previous year.
Despite the profit increase, the revenues of the Chinese tech giant fell by 28.5% in 2021, the first annual decline, to close the year at 636.8 billion yuan.
Huawei’s consumer division, which controls smartphone sales and other products, earned 243.4 billion yuan in sales, a decline of almost 50% from the prior year.
The falling revenues of Huawei happen amid the ongoing trade War with the US. Under the leadership of former US President Donald Trump, the tech giant was put under a blacklist of firms that were cut off from key software and components sourcing from American firms.
Huawei’s chief financial officer, Meng Wangzhou, says that the company’s ability to generate cash flows and profit is rising. He says the company is more capable of tackling the uncertainty it faces.
In response to the growing sanctions from the US, Huawei spent 142.7 billion yuan in research and development in 2021, an increase from 2020’s figure of 141.9 billion yuan.
