Sanctions-Hit Huawei Says Revenue Down Nearly 30 Percent in 2021

A Huawei logo is seen on a cell phone screen in their store at Vina del Mar, Chile, on July 18, 2019. Rodrigo Garrido/Reuters

Chinese telecom giant Huawei announced on Dec. 31 that its annual revenue is expected to have declined by nearly 30 percent in 2021, as the company continues to be affected by U.S. sanctions.

Huawei’s revenue is expected to be 634 billion yuan ($99 billion) for 2021, the company said. That’s a 29 percent drop from the 891.4 billion yuan ($140 billion) the company reported in 2020.