Huawei reports 32% revenue plunge in first three quarters

Shanghai: Chinese telecom giant Huawei said on Friday that its revenue plunged by a third in the first three months of the year, as it continued to struggle under US sanctions that have hit its smartphone sales.

Huawei has been caught in the crossfire of a US-China trade and technology rivalry after the government of former president Donald Trump moved to cripple the company on concerns that it could pose a cybersecurity and espionage threat.

January-September sales volume fell 32 percent to 455.8 billion yuan ($71.3 billion), a company statement said.

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