Home Augmented Reality Huawei reports smallest profit jump in three years as US ban takes...

Huawei reports smallest profit jump in three years as US ban takes its toll – CNET

-

Huawei’s 2019 annual report reflects the pitch of the US ban.


Angela Lang/CNET

The US ban on Huawei appears to have taken its toll on its 2019 profits. The Chinese company’s annual report revealed that its net profit for the year was 62.7 billion yuan (around $8.8 billion), which Reuters noted was its lowest increase in three years at 5.6%.

The phone maker’s overall 2019 revenue jumped 19.1% to 858.8 billion yuan (about $121 billion) — it reported revenue growth of 23.2% for the first half of the year last summer, so sales took a slight dip after that.

It expects 2020 to be more challenging, board chairman Liang Hua acknowledged.


Now playing:
Watch this:

Huawei P40 Pro and Plus first impressions: CNET editors…



5:24

“We will need to further adapt to the long-standing restrictions imposed by the Entity List, while also addressing the impact of the ongoing COVID-19 pandemic,” he wrote.

The company unveiled its flagship P40 phones last week, but those devices are hampered by the lack of Android support.

The US has long alleged that Huawei maintains a tight relationship with the Chinese government, creating fear that its equipment could be used to spy on other countries and companies. The Commerce Department blacklisted Huawei following a May 2019 executive order from President Donald Trump that effectively banned the company from US communications networks.

Prior to the P40 launch, Trump administration officials reportedly agreed to new rules to cut off Huawei from global chip suppliers.

This post appeared first on this site

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Follow Us For The Latest VR News

5,183FansLike
5,937FollowersFollow
1,781FollowersFollow
3,117FollowersFollow

Latest Reviews

‘Minecraft’ Arrives On PlayStation VR Tomorrow

The free patch update will be available to all PS5 Minecraft owners. Earlier this month developer Mojang Studios announced that it’s legendary survival crafting game...

Project 17 Alyx Mod Will Remake Half-Life 2’s First Chapter For VR

The opening chapter of Half-Life 2, ‘Point Insertion’, is one of the most memorable gaming experiences of all-time. And soon, with Project 17, you...

Social Deduction Game ‘Among Us’ Is Here To Ruin Friendships In VR

Rec Room brings the internet’s latest obssession to life in VR. Developer InnerSloth’s multiplayer party game Among Us has been absolutely dominating the internet as...

This post appeared first on this site

Subscribe to TheFutureofVR's NewsletterAnd get exclusive, pre-release augmented reality news and early-bird special offers to save YOU money on VR tech, games and other exciting VR products! We won't deluge you with spam, or sell your details. Ever.