As per a sneak peek from Huawei, the company’s revenue from the three quarters of this year fell significantly.
The consumer base was hit badly, down by 13.7%, thus 14% down in carrier business. But, Huawei gained ground in the B2B segment by 18% and remained stable. Overall, the company reported earning 456 billion yuan in the first three quarters of 2021.
Significant Hit to Huawei’s Business
Huawei is one of the major Chinese companies specifically targeted by the US government since last year. Trump’s era marked the downfall of the Chinese tech giant, as it’s banned from the nation and cut-off services with any US company.
Even now, Huawei is plagued with sanctions and dropped deals in many countries. All these hit the company hard, depicting a clear downfall in its revenue in the first three quarters of this year. As per a snippet shared by Huawei, the company’s revenue was dropped by 33% when compared to last year.
While it didn’t share the detailed report on individual business units, it earned 152 billion yuan in Q1, 168 billion yuan in Q2, and 136 billion yuan in Q3 this year. Overall, this amounted to 456 billion yuan in revenue, down by 33%, from 671 billion yuan reported last year.
The major hit was seen in the consumer business, as just like the company’s rotating chair Guo Ping said
“Overall performance was in line with forecast. While our B2C business has been significantly impacted, our B2B businesses remain stable.”
The sales of Huawei were down by 16.5% in Q1 and 29% by half-year. The backdrop was seen in the carrier business, which was down by 14% to 137 billion yuan, and also the decline of consumers by 13.7%. Huawei had to dump over 100 employees in its Australian business and struggled to maintain at other places.