Huawei’s Second Quarter Revenue Rises Slightly From a Year Ago

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According to CNBC’s calculations, Huawei presented business data on Friday that indicated second-quarter sales increased by 1.4% from a year earlier.

U.S. sanctions have put pressure on the company in recent years. Last year, revenue fell for the first time in history.

Huawei stated that it intends to put more money into its automotive-related business this year, adding 2,000 engineers over the previous year and investing an additional $500 million.

TAIPEI — Data from Huawei, a major player in the Chinese telecom industry, revealed its first quarterly revenue growth since 2020.

U.S. sanctions have put pressure on Huawei in recent years. Huawei announced its first annual sales loss in company history last year.

However, according to CNBC’s calculations, the company’s most recent financial data revealed second-quarter revenue of 170.6 billion yuan ($25.5 billion), an increase of 1.4% from a year earlier.

That comes as first-quarter revenue fell by about 14% year over year, and every quarter since the third quarter of 2020 has seen double-digit declines. The data revealed that revenue increased by 3.7% over the same time in 2019 to 217.3 billion yuan.

However, income decreased throughout the first six months of 2022, albeit at a slower pace of 5.9%.

Huawei’s enterprise section, which covers cloud and business services, had the greatest revenue increase of its three primary business sectors, increasing by approximately 28% to 54.7 billion yuan in the first half of the year.

Huawei does not provide a quarterly revenue breakdown by industry.

The carrier division of the corporation continued to be its biggest division, growing 4% annually to 142.7 billion yuan in the first half of 2022.

Sales of smartphones continued to decline, which was bad for the gadget industry. In the first half of the year, segment revenue, which was 101.3 billion yuan, fell by 25%.

According to the corporation, Huawei’s foray into electric vehicles primarily comes under the device business section.

Huawei stated that it intends to put more money into its automotive-related business this year, adding 2,000 engineers over the previous year and investing an additional $500 million.

This raises the anticipated amount for this year’s expenditure in research and development in the car industry to $1.5 billion and a workforce of 7,000 engineers.

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