China’s Huawei Technologies reported modest revenue growth for a second quarter on Thursday, citing steady growth in its ICT infrastructure business as it finds its footing after U.S. sanctions knocked its once mighty handset business.

Huawei posted revenue of $62.03 billion (445.8 billion yuan) for the first three quarters, 10 billion yuan less than it saw in the same period a year earlier, the company said on Thursday.

Profits fell 42.45% in the same period to 26.75 billion yuan, based on Reuters calculations, a drop a company spokesperson attributed to investment in research and development and new business areas.

Revenue for the third quarter alone came to 144.2 billion yuan, up 6.5% on a year earlier, based on Reuters calculations.

Performance was in line with the company’s forecast, said rotating Chairman Eric Xu.

“The decline in our device business continued to slow down, and our ICT infrastructure business maintained steady growth.”

The United States placed Huawei on an export blacklist in 2019, banning the telecom giant from buying components and technology from U.S. companies without U.S. government approval.

The move largely hobbled Huawei’s handset business, which commanded 42% of the China market in 2019. The company is now a bit of a player behind rivals, including its former budget unit Honor, which it sold in 2020.

Huawei is pushing to develop other businesses that are less dependent on U.S. technology, including smart car components, energy efficiency systems and cloud services.

In its first nine months the Aito M5 vehicle, which Huawei jointly developed with Seres, ranked 10th among all electric SUV models by sales in China, according to the China Passenger Car Association.

($1 = 7.1870 Chinese yuan)
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За словами Тараса Качки, єдиний товар, по якому Україна має величезні втрати, – це продукція металургії
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Цей процес відбуватиметься згідно із Законом про особливості виведення з ринку системно важливого банку в умовах воєнного стану
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У найближчі три місяці банки очікують посилення усіх видів ризиків, окрім ризику ліквідності
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International Monetary Fund chief Kristalina Georgieva said on Wednesday that central banks should keep raising interest rates further to fight inflation until they hit a “neutral” level, though in most cases they have not reached this point.

Speaking to Reuters in Berlin a day before the European Central Bank is widely expected to raise rates by 75 basis points, the fund’s managing director said it would take until 2024 for the positive effect of central banks raising rates globally to be felt.

The ECB had for months said that its first step will be to raise rates to a neutral setting, where it was neither driving nor restricting growth, but some policymakers are now advocating more aggressive action, saying the ECB should go further to tame inflationary pressures.

“At this point we look for getting to a neutral mode, and in most places we are not quite yet there,” Georgieva said in an interview.

Central banks have to bring rates up because “when inflation runs high, that undermines growth, it hits the poorest parts of the population the hardest.”

Recent rate hikes by the ECB have come against the backdrop of a deteriorating economic outlook and inflation that hit 9.9% in the euro zone in September, driven by soaring food and energy prices after Russia’s invasion of Ukraine.

Asked how long she expected central banks to keep raising rates, Georgieva said the IMF projected that “by 2024 to get to a point when central banks are seeing the impact of their actions.”

“The benefits would come but they are not instantaneous, this requires some patience in society,” she added.
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