Huawei Technologies revenue declines as business hurt by US curbs

Huawei Technologies Co. posted its steepest decline in quarterly sales since a U.S. blacklisting hammered the Chinese tech giant’s overseas telecom equipment and smartphone businesses.

The Shenzhen-based company reported a 38% decline in sales to 168.2 billion yuan ($26 billion) in the three months ended in June, according to Bloomberg calculations from first-half figures provided by the company. For the first half, the company posted sales of 320.4 billion yuan and a profit margin of 9.8%, which translates into net income of 31.4 billion yuan. Profit for the June quarter was 14.5 billion yuan.

“These have been challenging times,” Rotating Chairman Eric Xu said in a statement Friday. “Our aim is to survive, and to do so sustainably.