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Reuters
China’s Huawei says first-half profit drops 52% as demand weakens
Huawei Technologies said on Friday its first-half net profit more than halved as a difficult economy curtailed demand from customers, compounding woes brought by U.S. technology restrictions. “While our device business was heavily impacted, our ICT infrastructure business maintained steady growth,” said Ken Hu, Huawei’s rotating chairman, referring to its business to business enterprise unit. A weak economy, COVID-19 disruptions and supply chain challenges hurt the company’s device business that sells smartphones and laptops, a company spokesperson said.
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