Huawei has released its 2021 financial report. According to the document, the company's revenue decreased by 28.5%, to 636.8 billion yuan ($99.9 billion). Huawei attributes the fall to U.S. sanctions that were introduced in 2019, as well as supply chain disruptions.
The report indicated that the revenue of the consumer technology division fell the most: by almost 50%, to 243.4 billion yuan ($38.2 billion). At the same time, wearables revenue grew by 30% compared to 2020.
Huawei's net profit in 2021 soared 75.9% to 113.7 billion yuan ($17.8 billion). In general, according to the chairman of the board of directors of the company Liang Hua, the results of the work coincided with the forecast at the beginning of the year.
In addition to key figures, Huawei also announced a 9.3 billion yuan ($1.46 billion) reduction in administrative expenses. In 2021, the company also increased investment in research and development to 142.7 billion yuan (about $23 billion), accounting for 22.4% of Huawei's total revenue. R&D spending in 2021 hit a record high in the last ten years.
In addition, by the end of 2021, the company has built more than three thousand 5G towers. The test results show that Huawei's 5G networks provide the "best user experience" in 13 countries.
It is worth noting that this report is the first since the return of CFO Men Wanzhou to the company. She was arrested in Canada in 2018 at the request of the US. The authorities accused her of selling Huawei equipment in circumvention of the sanctions. Meng Wanzhou returned to China last September.
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