Huawei Posts Fourth Straight Sales Slump as U.S. Sanctions Bite
- Quarterly revenue declines 38% after blacklisting by the U.S.
- Weakness at consumer business is driving the sales drop
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Huawei Technologies Co.’s sales shrank for a fourth straight quarter as the Chinese technology giant’s overseas smartphone and telecom-equipment businesses continued to struggle following a U.S. blacklisting.
Revenue fell 38% to 135.4 billion yuan ($21.2 billion) in the three months ended in September, according to Bloomberg calculations based on nine-month and first-half figures provided by Huawei. Sales for the January-September period reached 455.8 billion, with a profit margin of 10.2%, the Shenzhen-based company said. Third-quarter net income was 15.1 billion yuan based on that profit margin.