The sanction on Chinese technology giant Huawei continues to bite, as it posted a revenue drop of 16.5 percent ($23.4 billion) in the first quarter of 2021, AFP reports.
During the Trump administration, a sanction was slammed against the tech company, as it was caught in the crosshairs of the tussle between the United States and China.
Trade tensions between the US and China were strained, leading to some Chinese companies like Huawei facing sanctions that hurt the bottom line.
According to the US government – during the Trump administration – Huawei was accused of using its technology to spy on the US for the Chinese Government.
This led to Huawei appearing on the blacklist that limited its acquisition of technology made in the US that would aid its production of chips and other tech components.
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Huawei’s Revenue Drop
The tech firms said that in the first quarter of 2021, it generated 152.2 billion yuan, an equivalent of $23.4 billion, representing a drop of 16.5 percent year-on-year.
Huawei noted that the loss recorded was a corollary of a drop in the revenue of its customers.
Speaking on the company’s performance, the company’s chairman Eric Xu, said that “2021 will be another challenging year for us, but it’s also the year that our future development strategy will begin to take shape”.
“No matter what challenges come our way, we will continue to maintain our business resilience.”
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