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Huawei crackdown

Huawei net profit up 76% in 2021 despite U.S. crackdown

Sale of budget phone arm helps telecom giant overcome revenue slump

Chinese telecom equipment maker Huawei logged a 76% rise in net profit thanks in part to the sale of Honor, its budget smartphone arm.    © Reuters

TAIPEI -- Huawei Technologies' net profit rose more than 75% in 2021 despite its first-ever decline in revenue, thanks to steady growth in profitability and one-off gains from spinning off its budget smartphone line and a server business, the embattled Chinese company said Monday.

"Despite a revenue decline in 2021, our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty," Huawei CFO Meng Wanzhou said at a news conference held to deliver the company's annual report.

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