Huawei sales off 32% after US sanctions, smartphone sale

Chinese tech giant Huawei's sales fell 32% from a year earlier in the first nine months of 2021 under U.S. sanctions and following the sale of its Honor smartphone brand

BEIJING -- Chinese tech giant Huawei's sales fell 32% from a year earlier in the first nine months of 2021 under U.S. sanctions and following the sale of its Honor smartphone brand, according to figures released Friday.

Huawei Technologies Ltd.’s smartphone and other consumer-oriented businesses have been “significantly impacted” but sales to phone carriers and other commercial customers “remain stable,” its chairman, Guo Ping, said in a statement.

Revenue for the nine months ending in September was 455.8 billion yuan ($71.3 billion), with a profit margin of 10.2%, the company announced. That was down from 671.3 billion yuan in revenue reported for the same period of 2020.

Huawei, the biggest maker of network gear, is struggling to hold onto market share under sanctions that block its access to most U.S. processor chips and other technology.