Economy · World
Huawei Profit Declines Amid Supply Chain and R&D Costs
Huawei reported a significant decline in profit, with its net profit falling by 69.5% in 2022 to 2.14 billion yuan ($313 million). This drop is attributed to increased research and development expenses and the rising costs of raw materials, particularly memory chips. The company's revenue also saw a slight decrease. Huawei stated that these factors, combined with global economic uncertainties and supply chain challenges, impacted its financial performance.
How outlets across the spectrum covered it
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- Centre (3): Bloomberg, Reuters, The Wall Street Journal