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Huaweis growth slows sharply as U.S. sanctions bite – CNBC

1 min read
https://www.cnbc.com/2020/10/22/huaweis-growth-slows-sharply-as-us-sanctions-bite.html

GUANGZHOU, China– Huaweis profits development slowed sharply in the third quarter while its margin dipped as U.S. sanctions disrupt its business.Revenue for the September quarter came in at 217.3 billion yuan ($31.91 billion), up simply 3.7% from the 209.5 billion yuan recorded in the same duration last year.For the very first 9 months of the year, income amounted to 671.3 billion yuan ($98.57 billion), up 9.9% from the 610.8 billion yuan reported in the same period last year. Last year, Huawei was put on a U.S. export blacklist understood as the Entity List. Earlier this year, Washington slapped even more sanctions on Huawei which has actually threatened to cut off supplies of semiconductors from its main provider TSMC.

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