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China's Huawei says 'out of crisis' mode as revenue edges up

April 2, 2023
Source: reuters.com reuters.com
News Snapshot:
SHENZHEN, China, March 31 (Reuters) - China's Huawei Technologies Co Ltd (HWT.UL) said it was "out of crisis mode" as it posted a small increase in annual revenue, adding it was making headway with replacing components affected by sanctions thanks to the billions it is spending on research. The tech conglomerate's revenue climbed 0.9%, in line with a company forecast, suggesting it has reached some level of stability after successive rounds of U.S. export controls since 2019 hammered its once mighty smartphone business. But it posted net profit of 35.6 billion yuan ($5.18 billion), down some two-thirds from 2021 when...
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