New Delhi: Hit hard by the US sanctions, Chinese telecom gear maker Huawei has said that it has been facing multiple challenges in India, although it is committed to supporting customers in the country. According to Huawei India CEO David Li, the company is monitoring and evaluating the situation in India. He made the comment while unveiling the company’s annual financial report for 2021, according to a report by news agency PTI.
“In India, as we face multiple challenges and a complicated external environment, we continue to monitor and evaluate the situation in the country. We reiterate that we remain committed to supporting our customers with the latest technology and best services,” David Li said.
Huawei, in its annual report, claimed to have achieved $99.93 billion in revenue in 2021, and its profit increased to $17.84 billion, or 76 per cent year-on-year.
The Chinese conglomerate Huawei has reported a 28.5 per cent dip in its revenue last year, along with a sharp downfall in its smartphone business. Despite a revenue decline in 2021, “our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty”, said Meng Wanzhou, Huawei’s CFO.
The company said it is “readjusting” its business portfolio to tap new digital and 5G opportunities. Its 2021 revenue came in at $100.01 billion, down from nearly $140 billion in 2020. Its net profits, however, jumped 75.9 per cent to $17.86 billion.
“Overall, our performance was in line with the forecast. Our carrier business remained stable, our enterprise business experienced steady growth, and our consumer business quickly expanded into new domains. In addition, we embarked on a fast track of ecosystem development,” said Guo Ping, Huawei’s Rotating Chairman.
Huawei has signed more than 3,000 commercial contracts for industrial 5G applications. These kinds of 5G applications are currently seeing large-scale commercial use in sectors like manufacturing, mines, iron and steel plants, ports, and hospitals.