China’s Huawei says sales down but new ventures growing

BEIJING: Chinese tech giant Huawei said Friday its revenue fell in the first half of 2022 but new ventures in autos and other industries helped to offset a decline in smartphone sales under U.S. sanctions.

Revenue fell 5.9% from a year earlier to 301.6 billion yuan ($44.8 billion) in the six months through June 30, according to the company, the biggest maker of network gear for phone and internet carriers. It gave no profit but said its profit margin was 5%, which would be about 15 billion yuan ($2.2 billion).