Huawei announces revenue drop for Q1

Chinese tech heavyweight Huawei Technologies Co announced on Thursday first quarter revenue fell nearly 14 percent from the previous year to 131 billion yuan ($20.63 billion).

Hu Houkun, Huawei's rotating chairman, said in a statement "Our consumer business was heavily impacted, and our (information and communications technology) infrastructure business experienced steady growth. In 2022, we still face a challenging and complicated business environment."

Its first quarter profit margin was 4.3 percent, less than half the 11.1 percent reported a year earlier. Huawei did not disclose the specific figure for its profits.

Hu said the quarterly results were in line with the company's expectations and Huawei has increased its investment in research and development.