Mar 29, 2022 06:19 AM

BUSINESS

Huawei’s 2021 Net Profit Soars 76% Even as Revenue Plummets

By Zhang Erchi, Ding Yi and Han Wei

Huawei Chief Financial Officer Meng Wanzhou speaks at an event for the release of the company's 2021 financial report in Shenzhen on March 28. Photo: VCG

Huawei Chief Financial Officer Meng Wanzhou speaks at an event for the release of the company's 2021 financial report in Shenzhen on March 28. Photo: VCG

Embattled Chinese tech giant Huawei Technologies Co. Ltd. reported a 76% surge in net profit for 2021 even as sales shrank for the first time in 19 years, reflecting the impacts of U.S. sanctions and the Covid-19 pandemic.

Huawei’s global revenues in 2021 totaled 636.8 billion yuan ($99.7 billion), down 28.6% from the previous year, according to its financial report released Monday.

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