Huawei’s revenue loss slows down amid Cloud push

Shenzhen, Aug 12: Chinese conglomerate Huawei on Friday posted a nearly 6 percent loss in revenue for the first six months of the year and its device business, which includes smartphones, fell 25.4 percent amid US sanctions on chip technology. Huawei generated 301.6 billion Yuan ($44.7 billion) in revenue, with a net profit margin of 5 percent, which was “in line with the forecast” and the pace of revenue loss slowed down as the company doubled down on its Cloud business. “While our device business was heavily impacted, our information and communications technology (ICT) infrastructure business maintained steady growth. ,” said Ken Hu, Huawei’s Rotating Chairman. “Moving forward, we will harness trends in digitalization and decarbonization to keep creating value for our customers and partners, and secure quality development,” he said in a statement.