Huawei Turnover is Stable, But Profit Drops Sharply

The company can present a small increase in turnover but sees its profit decrease despite one-off windfalls.

The Chinese supplier Huawei posted a turnover of 642.3 billion Yuan last year. That is an increase of 0.9 percent. However, net profit fell 68.7 percent to EUR 4.75 billion (CNY 35.6 billion), although the 2021 figure included one-off gains from the sale of the Honor sub-brand.

Huawei saw strong demand for its cloud computing and digital energy applications, with combined revenues of CNY 96.1 billion and accounting for 15 percent of total revenue.

Huawei rotating chairman Eric Xu aims for further growth with a mix of ICT infrastructure, smart devices, cloud, digital power and intelligent automotive services.

CFO Meng Wanzhou reports that Huawei’s financial position remains solid, with strong resilience and flexibility. R&D investments increased by 13.2 percent to a record high of 23.5 billion euros in 2022.

In addition, R&D personnel increased by 6.2 percent to 114,000, more than half of the total of 207,000 employees.

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