Chinese tech giant Huawei revealed that profits fell by 28 percent last year.
The company said on Monday that it faced international economic uncertainty and weak consumption.
Huawei made a net profit of 62.6 billion yuan (8.6 billion) last year, down from 87 billion yuan in 2023.
Commenting on the matter, a Huawei spokesperson said that the profits slipped last year because it ‘continued to increase future-oriented investment and there were no gains from the sale of businesses’.
However, the revenue rose 22 percent year-marking a third successive increase after a sharp drop in 2021 during the pandemic.
It’s 862.1 billion yuan in revenue was the highest since the figure surpassed 890 billion yuan in 2020.
According to the company, most of that came from its ICT infrastructure business and consumer products, followed by cloud computing.
