FILE - A man wearing a face mask walks past a billboard advertising Chinese technology firm Huawei at the PT Expo in Beijing, Oct. 14, 2020. Chinese tech giant Huawei said Friday, Aug. 12, 2022 its revenue fell in the first half of 2022 but new ventures in autos and other industries helped to offset a decline in smartphone sales under U.S. sanctions. –
Huawei Technologies Ltd., China's first global tech brand, has struggled since then-President Donald Trump blocked access to U.S. processor chips and other technology in 2019. The company denies American accusations it is a security risk and might facilitate Chinese spying. The first-half sales decline was an improvement over a 14% drop reported for the first three months of the year. The profit margin was wider than the first quarter’s 4.3%.
Huawei, founded in 1987, says it is owned by the Chinese citizens who make up half of its global workforce of 195,000. It started announcing financial results a decade ago in an effort to defuse Western security concerns about the company.Also Friday, Huawei expressed concern about a new U.S. law, the “CHIPS and Science Act,” which promises aid to companies that invest in processor chip production in the United States. It is intended to reduce U.S.