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Telecommunications equipment provider Huawei generated 35.6 billion (US$5.18 billion) in net profits for 2022 representing a 69% year-in-year declinethe biggest annual decline yet as the US slapped sanctions on its business and tough pandemic regulations in China affected its operations, according to a CNBC report.

"In 2022, a challenging external environment and non-market factors continued to take a toll on Huawei's operations, said Huawei rotating chairman Eric Xu at the company's annual report press conference.

CNBC reported Huaweis revenue rose 0.9% to 642.3 billion (US$93 billion) in 2022 as the company made measures following a 28% sales plunge in 2021.

Huawei is diversifying its business into new segments including cloud computing and automotive after it was battered in a few years by US sanctions.

Throughout 2019 and in 2020, Huawei was cut off from Googles Android operating system and the components it required such as conductors. That crippled Huaweis smartphone business which was touted as the number one in the world.

Huawei struggled to sell smartphones and smartwatches outside China since it was ousted from Android. It launched its own operating system HarmonyOS, which was installed on 330 million devices at end of 2022, up 113% year-on-year. While it gained a huge leap, the operating system failed to gain an attraction in China.

In times of pressure, we press on with confidence, said Huawei chief financial officer Sabrina Meng.

Huaweis carrier business, which includes equipment it sells to telco companies, generated 284 billion (US$41.3 billion) in revenuea 0.9% year-on-year rise. The small increase may be attributed to US urging of other countries to ban Huawei from their next-generation 5G networks. The UK has banned Huawei and Germany may soon follow.

Huaweis enterprise business which includes cloud computing rose 30% year-on-year to 133.2 billion (US$19.2 billion). The cloud computing business in 2022 alone generated 45.3 billion (US$6.5 billion).

This first appeared in the subscription newsletter CommsWire on 03 April 2023.

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US sanctions and Chinese pandemic regulations take toll on ... - iTWire