US sanctions cause Huawei’s revenue to drop in Q3

After the United States put sanctions on the Chinese tech company, Huawei, the company announced a 38% plunge in its Quarter 3 revenue of 2021, in comparison with that of 2020.

The smartphone company announced its revenue for the first three quarters, which is around CNY 455.8 billion. The revenue for the current year Q3 went down by one-third, compared with the previous year’s.

According to Reuters, the third quarter revenue for the year 2021 is CNY 135.4 billion.

Donald Trump, the former US president during his tenure, blacklisted Huawei from its export list, while putting a complete ban on exports from the United States . The rotating Chairman, Eric Xu declared that the restrictions have badly affected the overall revenue of Huawei’s handset business.

Previously, Huawei being the market leader covered 30% of the Chinese mobile-phone market; however, it now occupies around 8% of in the third quarter.