Huawei’s quarterly revenue shrank for the first time on record, reflecting the devastating impact of American sanctions that forced China’s largest technology company out of smartphones and into other technology arenas, reported Bloomberg.
The disappointing results underscore the damage Washington has wrought on a company that once vied with Apple and Samsung to lead the global smartphone market, said Bloomberg.
Huawei reported that revenue fell 11% to RMB 220.1 billion ($33.5 billion) in 2020’s final quarter. That’s down from 3.7% growth in the September quarter and a 23% gain in the second quarter, according to Bloomberg calculations based on previously reported figures.