The vendor’s consumer business struggled as smartphone sales declined
Huawei reported its first quarter revenue fell by nearly 14 per cent year-on-year, as smartphone sales slumped.
The Chinese vendor reported £16.4bn in revenue for the first quarter, while profit margin also more than halved YoY from 11.1pc in Q1 2021 to 4.3pc.
Huawei rotating chairman Ken Hu said the results were in line with expectation, as the company blamed its consumer business.
“Our consumer business was heavily impacted and our (ICT) infrastructure business experienced steady growth. In 2022, we still face a challenging and complicated business environment.”
Even in its home market China, Huawei’s smartphone sales declined 12pc YoY, according to Counterpoint Research.