Huawei Chairman Says the 'Aim Is To Survive' As Revenue Slides 29% (cnbc.com) 28
The chairman of Huawei said the Chinese technology company's "aim is to survive" as revenue fell almost 30% in the first half of the year. CNBC reports: The Shenzhen-headquartered company, which was put on the U.S. trade blacklist in 2019, announced Friday that it generated 320.4 billion yuan ($49.6 billion) in revenue in the first half of 2021. It's a significant fall from the 454 billion yuan that Huawei recorded in the first half of 2020. Huawei said its profit margin grew 0.6% to 9.8%, largely as a result of efficiency improvements, and added that the overall performance was in line with forecasts. Eric Xu, Huawei's rotating chairman, said in a statement that the company had set its strategic goals for the next five years. "Our aim is to survive, and to do so sustainably," he said.
Former U.S. President Donald Trump put Huawei on an export blacklist in 2019, a move that prevents American firms from doing business with it. For instance, Google was no longer allowed to license its Android mobile operating system to Huawei. The blacklist blocks U.S. companies from selling or transferring technology to Huawei unless they are granted a special license. It has hampered Huawei's ability to design its own chips and source other components. Xu said in April that Huawei has ramped up its research and development investment as part of its efforts to "keep the company afloat, to address supply continuity challenges caused by U.S. bans, and to pursue sustainability well into the future."
Former U.S. President Donald Trump put Huawei on an export blacklist in 2019, a move that prevents American firms from doing business with it. For instance, Google was no longer allowed to license its Android mobile operating system to Huawei. The blacklist blocks U.S. companies from selling or transferring technology to Huawei unless they are granted a special license. It has hampered Huawei's ability to design its own chips and source other components. Xu said in April that Huawei has ramped up its research and development investment as part of its efforts to "keep the company afloat, to address supply continuity challenges caused by U.S. bans, and to pursue sustainability well into the future."
That is what happens (Score:3, Insightful)
when you are a puppet of the CCP.
Re: (Score:3)
A company that is partially owned by China's military is "independent" of what, exactly?
You're posting anonymous because you know it is such blatant BS.
There are some people you can't afford to offend (Score:2)
The USA is not a fuel efficient lamp
The NSA is not simple
Were they courting death ?
Re: (Score:2)
P.S. now that Biden is in power, I am sure the bribes will get to the right pockets and they will be off the blacklist
Re: (Score:1)
Would you feel the same.. (Score:3)
If China banned Apple for their close ties to the US government?
Remember, this is not just banning sales, it is blocking component sources.
Imagine if China overnight blocked Apples manufacturing and Component sourcing in China.
. . . .
Re: Would you feel the same.. (Score:2)
The CCP would be absolutely right to do that if the US became a single party country, if Cook previously held a high position in the military, if many of the executives held ties to the party, if at least one executive remained in a high position in the party, and if the US mandated party representation/involvement in all major corporate enterprises.
Re:That is what happens (Score:4, Interesting)
I'm amazed at how restrained the Chinese government has been in this instance. Retaliation was certainly justified. Perhaps they prefer to use state aid instead.
I figured they were waiting for the election to see if Trump got another term and they needed to take drastic action. Maybe they will see how it plays out with Biden.
In other news Xiaomi is now the largest smartphone manufacturer in the world, with the biggest market share having overtaken Samsung.
Re: (Score:2)
Pretty much, and often there is no choice in the matter. China has gotten to the stage where it's paranoia and control freakery are substantially damaging it's companies revenues and in turn it's economy.
Only 29%? (Score:1)
Wow, most companies have fared far worse in the last couple of years.
Re: (Score:2)
Wow, most companies have fared far worse in the last couple of years.
False. Next shit you want to throw at the wall?
BS, most companies have been creaming it. (Score:2)
Not even close, multi nationals and billionaires are doing better over the last couple of years than... ever
It has been a boom like they would never dream of... thanks to totalitarian governments screwing the middle classes, because they are too independent, and therefore a threat.
Small businesses on the other hand, are being destroyed, and the middle classes are having their attention diverted to 'causes'.
This has of course happened before, although not so much globally. Last time it ended badly for the Je
Re: Typical tactic: lowering the guard of adversar (Score:1, Troll)
Re: Typical tactic: lowering the guard of adversa (Score:2, Troll)
There are no innocents in the world of megacorporations. Only enemies or losers.
And everyone tries to maximize milking the customers.
This could boomerang on us! (Score:2, Insightful)
Good Riddance (Score:2)
Re: Is Google really American ? (Score:2)
I don't imagine Google waving a flag that doesn't represent either a fashionable sexual identity or the right kind of terrorists.
Rotating chair-men (Score:2)
Is Eric Xu the only one rotating the chairs at huawei, or are there spare rotating chair-men?
The chair must be spun forever. For the people of china!