Sales of embattled Chinese telecoms giant Huawei fell for a fourth straight quarter as the company’s non-domestic smartphone and telecom-equipment business faltered under an ongoing US blacklisting, reports Caixin. Revenue fell 38% to RMB 135.4 billion ($21.2 billion) in the three months ended in September. Sales for the January-September period reached RMB 455.8 billion, with a profit margin of 10.2%, the Shenzhen-based company said. Third-quarter net income was RMB 15.1 billion based on that profit margin.
The pace of the sales decline was on par with the previous quarter, signaling the slide isn’t accelerating. The results were in line with Huawei’s forecast, Rotating Chairman Guo Ping said in the statement. The performance of Huawei’s business-to-business units remain stable, while the consumer divisions have been “significantly impacted,” according to Guo.
Years of US sanctions have strained Huawei’s smartphone business, which was once the biggest source of revenue before a series of Trump-era trade bans cut the company off from key chipsets made by an array of suppliers. One of the bans also forbids contract semiconductor plants from making silicon designed by Huawei.
