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4/28, 5:13 AM (Source: TeleTrader)
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Huawei's Q1 revenue down by 17% YoY to $23B - report

Huawei Technologies Co., Ltd.'s revenue in the first quarter of 2021 declined by 17% on an annual level to come in at $23.13 billion, or 150 billion yuan, and miss expectations, the country's media reported on Wednesday.

On the other hand, the company's net profit is said to have grown 26% year-on-year to stand at $2.6 billion, or 16.9 billion yuan, exceeding projections.

The news comes amid the controversy surrounding Huawei's Chief Financial Officer (CFO) Meng Wanzhou, accused of misleading HSBC about the company's activities in Iran and thus putting the British bank at risk of violating the United States' sanctions on Tehran.

Breaking the News / JR