Chinese tech giant Huawei says it has emerged from “crisis mode” after years of U.S. sanctions and restrictions have stifled its sales overseas, Independent reported.
Huawei has estimated its 2022 revenue remained flat, suggesting that the sales decline due to U.S. sanctions had come to a halt.
Huawei Technologies Co’s rotating chairman Eric Xu struck an upbeat tone in the company’s annual New Year’s letter.
Xu said that U.S. restrictions are the new normal, and Huawei was back to business as usual.
Sales increased a mere 0.02%, with revenue for the year expected to be $91.53 billion (636.9 billion yuan).
That represents a tiny increase from 2021.
Last year, the tech giant’s revenue hit 636.8 billion yuan and marked a 30 percent year-on-year sales tumble as the U.S. sanctions on the company took effect.
Revenue for 2022 still remained well below the company’s record of $122 billion in 2019. At that time Huawei was at its peak as the top Android smartphone vendor globally.
But that is the year that the Trump administration imposed a trade ban on Huawei, citing national security concerns. It barred the company from using Google Android for its new smartphones, among other critical U.S.-origin technologies.
The sanctions caused its handset device sales to plummet, according to Reuters.
It also lost access to critical components that barred it from designing its line of processors for smartphones under its HiSilicon chip division.
Huawei also gets revenue from its networking equipment division and operates a cloud computing division. In addition, Huawei began investing in the electric vehicle sector and green technologies around the time sanctions took effect.
For the coming year, Xu pledged to maintain Huawei’s heavy investment in research and development and said that its cloud business needs to become the “foundation” for driving growth.