Huawei reports 32 percent sales drop amid US sanctions
Chinese telecom giant Huawei has reported a 32 percent decline in sales amid U.S.-implemented sanctions on the company.
The data released Friday said the company lost $71.2 billion in the first nine months of 2021, down 32 percent, The Wall Street Journal reported.
The company is down $21.2 billion in the most recent quarter, compared to the same period last year, according to the report.
The most recent quarter ending in September is also the fourth quarter the company has seen a decline in revenue as it struggles to overcome U.S. sanctions.
The company’s rotating chairman Guo Ping said in a statement that performance was in line with company expectations, saying Huawei’s business-to-business operations remain stable while its consumer side “has been significantly impacted.”
The U.S. has sanctioned the company, limiting its access to global chip supplies the company needs.
The company is trying to steer away from business that is reliant on foreign supply chains to survive in the long term under international pressure, the report stated, according to the Journal.
The U.S. under the Trump administration formally declared Huawei a national security threat in 2020 due to its connections to the Chinese government.
The Senate passed the Secure Equipment Act on Thursday aimed at further cracking down on the company by banning the Federal Communications Commission from authorizing products from companies designated as a national security threat.