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US blacklisting: biggest drop in Huawei revenue ever

The impact of the US blacklist is reflected in the financials of the company, as it released its mid-year report showing a 29.4% decline in its overall revenue of CNY 320.4 billion ($49.5 billion) from last year.
Chinese tech powerhouse Huawei was the global leader in 5G technology before the US blacklist began in 2019.
The consumer electronics arm of the company was the most affected with revenue plummeting by 47% from 2020.
This was due to the chip challenges and software blockade that resulted from the US blacklist.
However, the half-year results also reflect the new focus of Huawei in the pursuit of its ambition as a software hub.
The revenue from enterprise activities grew by about 18.2% from last year, and this is predicted to continue in an upward movement.
Huawei’s President Eric Xu says survival is paramount, as it seeks to balance itself and prevent future shocks with its software pivot.
The company is building resilience through diversification and is pursuing a sustainable survival plan within the next 5 years.
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