Chinese tech giant Huawei generated total revenue of 642.3 billion yuan (about 93.5 billion U.S. dollars) in 2022, edging up from 636.8 billion yuan the previous year.
The company’s net profit over the past year dropped to 35.6 billion yuan, according to its annual report released on Friday. That figure was down from 113.7 billion yuan in recorded in 2021.
“In 2022, a challenging external environment and non-market factors continued to take a toll on Huawei’s operations,” Eric Xu, the company’s rotating chairman, told a press conference.
Xu said the company went to great lengths to “grow the harvest,” generating a steady stream of revenues to sustain its survival and lay the groundwork for future development.
Huawei CFO Meng Wanzhou said the company’s overall business results were in line with forecasts. She said that Huawei’s liability ratio was 58.9 percent and its net cash balance was 176.3 billion yuan at the end of 2022.
“Our financial position remains solid, with strong resilience and flexibility,” she said.
Huawei’s R&D expenditure rose to 161.5 billion yuan in 2022, among the highest expenditure figures in the company’s history and accounting for approximately 25.1 percent of the company’s total revenue, according to Meng.
In terms of market, Asia Pacific was the most badly affected down 10% from 2021, while China also say negative growth.
Based in Shenzhen, Huawei has been facing market challenges with US and Europe imposing bans on the products, leaving the once skyrocketing company, thump to the ground.
