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Huawei crackdown

Huawei posts largest-ever revenue drop amid US crackdown

Restricted access to chips stifles Chinese tech titan's consumer business

TAIPEI -- Huawei Technologies on Friday reported its biggest-ever decline in revenue, with its first half figure plunging more than 29% on the year due to a U.S. clampdown on the company's access to key chip supplies.

The Chinese tech champion said revenue for the first half reached 320.4 billion yuan ($49.56 billion). The company's net profit margin, however, improved to 9.8% from 9.2% in the same period last year.

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