Huawei stabilizes as sanctions impact wanes
The company has been developing its cloud computing, networking equipment and its investments in electric vehicles
Check out what's clicking on FoxBusiness.com
Business at Chinese tech giant Huawei Technologies has reached a new normal as the sales decline following the imposition of U.S. sanctions leveling off.
The company estimated on Friday that its 2022 sales increased fractionally.
Revenue for the year is expected to be $91.53 billion, according to the company.
That is a small increase over 2021 when sales tumbled 30% year-over-year as U.S. sanctions on the company took effect.
FCC BANS HUAWEI AND ZTE EQUIPMENT FROM BEING SOLD IN US
Attendees walk past a display for 5G services from Chinese technology firm Huawei at the PT Expo in Beijing. (AP Photo/Mark Schiefelbein, File / AP Newsroom)
That revenue number is a far cry from the company's record $122 billion in 2019 when the company was the top Android smartphone vendor globally.
In 2019, the U.S. Trump administration imposed a trade ban on Huawei, citing national security concerns.
In 2019, the U.S. Trump administration imposed a trade ban on Huawei. ((AP Photo/Gerald Herbert, File) / Fox News)
BIDEN ADMIN SAYS HUAWEI IS 'NATIONAL SECURITY THREAT'
It barred the company from using Alphabet's Android for its new smartphones, among other critical U.S. technologies.
The sanctions caused its handset device sales to plummet.
Chinese telecommunications giant Huawei Technologies. (iStock / iStock)
CLICK HERE TO READ MORE ON FOX BUSINESS
The company continues to generate revenue through its networking equipment, cloud computing and investments in the electric vehicle sector.