Huawei says it’s no longer in « crisis mode », although its revenue is stable

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HONG KONG (AP) — Chinese tech giant Huawei says it has emerged from “crisis mode” after years of U.S. restrictions that have stifled overseas sales, even though its 2022 revenue has not increased compared to the previous year.

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« U.S. restrictions are now our new normal, and we’re back to business as usual, » Eric Xu, Huawei’s current chairman, said in a New Year’s message posted on Friday.

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Huawei Technologies Ltd., China’s top global tech brand, has struggled since US President Donald Trump blocked its access to US processor chips and other technologies in 2019 on the grounds that Huawei could facilitate Chinese espionage .

Huawei denies accusations that it could pose a security risk.

Huawei’s unaudited revenue for 2022 is expected to be 636.9 billion yuan ($91.6 billion) – virtually unchanged from a year earlier and in line with previous estimates.

Xu said in the post that the company’s telecommunications network business has maintained « steady growth » and that the decline in its devices business – mainly phones – has eased.

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He also said the company has achieved « rapid growth » in its cloud business.

Huawei did not release more detailed financial figures for its business or the company’s overall profit.

For the coming year, Xu pledged to maintain Huawei’s heavy investment in research and development and said its cloud business should become the « base » to drive growth.

He only mentioned the pandemic in passing, praising the company’s “frontline staff outside of China – those who held the fort together to serve our customers despite the adverse effects of COVID-19…”

Xu’s post did not mention the recent abrupt end to tight virus controls or the major coronavirus outbreaks currently sweeping China and other countries.