Three years ago a technology restriction was imposed on Huawei which caused them to no longer be able to access GMS services on their manufactured Android devices. This was then followed by barriers to producing its own chips and access to 5G technology whose patents are held by the United States. Their business was severely affected with income in 2021 shrinking by more than 70% compared to 2020.
After three years, Huawei now says the company's revenue has stabilized again in 2022 with it reaching RMB 636.9 billion (~RM406 billion) which recorded an increase of 0.4% compared to 2021. The company's current revenue is still much lower than the highest revenue of RM529 billion in 2020 .
With the company returning to stability, Huawei aims for the company's revenue to increase to RMB 845 billion (~RM536) within 10 years. In addition to the reduction in mobile device sales, the impact of banning the use of 5G telecommunication components also caused Huawei's income to plummet. Among the steps that have been taken is to downsize the operation in Europe with it now being moved to Germany.
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BUSINESS & MONEY