Chinese vendor Huawei’s business felt the impact of the ongoing U.S. sanctions in the first quarter of the year, with a 16.5% year-on-year decline in revenues.
In a release, Huawei reported revenues of CNY152.2 billion ($23.5 billion) in the first quarter, while its profit margin increased 3.8 percentage points to 11.1% on improvements in operations and management efficiency, along with increased patent royalty income.
The vendor didn’t reveal net profit or break out revenue by business group, but said its Consumer Business Group’s revenue was hit by offloading its Honor brand in November 2020.
