Huge Decline in Huawei's Sales After the US Bans!
Huawei saw the biggest drop in sales in the second quarter of 2021 after the US bans. The company's sales fell 38 percent to $26 billion.
Huawei's sales recorded the biggest quarterly decline in sales after the US blacklisted the company.
The Shenzhen-based company's sales fell to $26 billion in the second quarter, down 38 percent compared to the previous quarter. The company's sales in the first half of the year were around $52 billion, with a profit margin of 9.8 percent.
Eric Xu, Chairman of the Board of Huawei, said in a statement on Friday, “These are challenging times, and our aim is to get through these times in a sustainable way. Despite the decrease in our sales due to external factors, we continue to grow steadily in our courier and entrepreneurship activities.
After the bans imposed on Chinese companies during the Trump era, these companies also turned to sectors such as electric cars, solar energy and smart cities. Huawei also announced that from next year it will start charging Apple for using its 5G patents.
Xiaomi, Oppo and Vivo have taken a significant part of Huawei's market share both in China and worldwide due to the bans.