For the first time, Chinese telecom Huawei reported a quarterly revenue decrease, reported MyBroadband. The company’s revenue fell 11 percent to $33.5 billion in the fourth quarter of 2020. Overall, Huawei’s sales grew by 3.8 percent year-over-year, with profits increasing by 3.2 percent, a “marginal growth,” according to KPMG.
The U.S sanctions placed on Huawei are being blamed for the drop, according to MyBroadband, with smartphone shipments decreasing by 42 percent in the final quarter of 2020. The company is emerging from its most challenging year on record due to Trump-administration sanctions which squelched its smartphone business and hindered advances into chipmaking and 5G networking.