Focus on Arts and Ecology

August 12, 2022 

Chinese tech giant Huawei posted overall revenue of 301.6 billion yuan ($44.78 billion) for the first half of 2022, the company said in a statement on Friday. 

According to CGTN's calculations, the figure was down 5.9% year on year.

In the first six months of this year, the Shenzhen-based firm's net profit margin was 5%, down from 9.8% in the same period last year.

The reason for the very-low revenue? 

·         Amid an ongoing COVID-19 crisis, worldwide smartphone shipments fell 11% in the first quarter and 9% in the second, according to market analysis firm Canalys

·         Since 2019, Huawei has been embroiled in the U.S.-China trade war as the administration led by former U.S. President Donald Trump took several steps against the company

·         Last year, Huawei saw its first yearly revenue decline since 2009 when the non-listed company started unveiling earnings

Other economy news: 

·         China's auto sales surged 29.7% in July from a year earlier to 2.42 million units, extending a recovery that began in June boosted by the waning COVID impact and kick-in of policy support

·         Vegetable and pork prices pushed up China's consumer price index (CPI) in July while the factory-gate inflation eased from June

·         China's CPI edged up 2.7% year on year in July, data from the National Bureau of Statistics (NBS) showed

·         The producer price index (PPI) increased by 4.2 percent year-on-year during the month, down from a 6.1% uptick in June

(Sources: China Report)