Annual revenues at Huawei are set to have fallen by almost a third as the Chinese technology company was hit by US export controls.
In an end-of-year letter to employees, Huawei disclosed revenue was expected to have fallen by 28.9 per cent to 634 billion yuan (£73.7 billion) this year, compared with 2020.
Guo Ping, the company’s rotating chairman, said Huawei’s attempts to reshape its business after American sanctions were on course but he cautioned “2022 will come with its fair share of challenges.
“An unpredictable business environment, the politicisation of technology and a growing deglobalisation movement all present serious challenges.”
Guo added: “We will keep working closely with our global partners to overcome the difficulties we face, improve business performance and strengthen our foundations.”