Huawei: 'business as usual' as U.S. sanctions pain ebbs

STORY: Chinese tech giant Huawei on Friday estimated its revenues for 2022 remained flat, suggesting that a precipitous drop in sales due to U.S. sanctions had come to a halt.

In fact, it reported a sales increase - though just barely.

In a New Year's letter addressed to staff and released to the media, rotating chairman Eric Xu said sales had actually edged up... 0.02 percent.

And he struck an upbeat tone, writing: "U.S. restrictions are now our new normal, and we're back to business as usual."

Xu expected revenue for the year is be 636.9 billion yuan, or about $91.5 billion. He did not mention profits. The company typically discloses full annual results in the first quarter of the following year.

The figures represent a tiny increase from 2021, and still remained well below the company's record of $122 billion in 2019.

At that time the company was at its peak as the top Android smartphone vendor globally.

But that same year, the U.S. Trump administration imposed a trade ban on Huawei, citing national security concerns. The ban barred the Chinese firm from using Alphabet's Android software on its smartphones, along with other critical U.S.-based tech.

The sanctions caused Huawei's handset device sales to plummet.

Xu wrote: "The macro environment may be rife with uncertainty, but what we can be certain about is that digitization and decarbonization are the way forward, and they're where future opportunities lie."