JUST IN: China tech giant Huawei says profits fell 69% in 2022

Huawei’s profits fell almost 69 percent last year, the company said Friday, as US sanctions and international economic uncertainty bit into the Chinese tech giant’s earnings.

The company generated 35.6 billion yuan ($5.2 billion) in net profit in 2022, it said, down 68.7 percent from a record 113.7 billion last year.

“In 2022, a challenging external environment and non-market factors continued to take a toll on Huawei’s operations,” Huawei rotating chairman Eric Xu said at the company’s annual report press conference.

“In the midst of this storm, we kept racing ahead, doing everything in our power to maintain business continuity and serve our customers,” he said.

“We also went to great lengths to grow the harvest –- generating a steady stream of revenue to sustain our survival and lay the groundwork for future development.”

Huawei has moved to diversify revenue streams after US-led sanctions took a major chunk out of its telecom equipment and smartphone businesses.

Its 5G gear has been blocked in major markets including the United States, Britain and Japan over security concerns. Huawei has denied allegations that its equipment carries risks of sabotage and spying.

And the company — once the world’s top smartphone maker — has seen sales slump after the United States cut off access to key parts and barred it from using Google’s Android operating system.