Huaweis 2022 sales edge up but net profit sinks 69 to 518 billion

Huawei’s Rotating Chairman Eric Xu speaks during a press conference announcing the company’s annual earnings results in Shenzhen, Guangdong Province, on March 31. By Kim Jae-heun Chinese telecommunications giant Huawei saw sales in 2022 edge up 0.9 percent year-on-year to 642.3 billion yuan ($98.95 billion), while net profit plunged 69 percent to 35.6 billion yuan, according to the firm’s 2022 annual report released on March 31. Huawei attributed the decline in annual net profit to rising commodity prices, China’s strict pandemic controls and increased research and development spending. The firm said it had increased investment in research & development (R&D),…