Huawei says it’s out of “crisis mode,” even though revenue is flat

Chinese tech giant Huawei says it has emerged from “crisis mode” after years of US restrictions stifled its overseas sales, although its 2022 revenue did not grow from previous year

“US restrictions are now our new normal and we are back to business as usual,” Eric Xu, Huawei’s current chairman, said in a New Year message published on Friday.

Huawei Technologies Ltd, China’s top global technology brand, has struggled since US President Donald Trump blocked its access to US processor chips and other technology in 2019 on the grounds that Huawei could facilitate espionage chinese

Huawei denies allegations that it could be a security risk.

Huawei’s unaudited revenue for 2022 is forecast at 636.9 billion yuan ($91.6 billion), almost unchanged from a year earlier and in line with previous estimates.

Xu said in the message that the company’s telecommunications network business maintained “steady growth” and that the decline in its devices sector, mainly phones, had eased.

He also said the firm achieved “rapid growth” in its cloud business.

Huawei did not release more detailed financial figures for its businesses or overall company profits.

For the coming year, Xu pledged to maintain Huawei’s heavy investment in research and development and said its cloud business must become the “foundation” to drive growth.

He mentioned the pandemic only in passing and praised the “frontline staff outside of China – those who have manned the fort to serve our customers despite the adverse impacts of COVID-19…”.

Xu’s message did not mention the recent abrupt end to strict virus controls or the large coronavirus outbreaks now sweeping China and other countries.

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