China's Huawei Technologies Co Ltd (HWT.UL) said it was 'out of crisis mode' as it posted a small increase in annual revenue, adding it was making headway with replacing components affected by sanctions thanks to the billions it is spending on research.
A logo of Huawei Technologies is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. REUTERS/Benoit Tessier=
The tech conglomerate's revenue climbed 0.9%, in line with a company forecast, suggesting it has reached some level of stability after successive rounds of U.S. export controls since 2019 hammered its once mighty smartphone business. Top executives of the major supplier of equipment used in 5G telecommunications networks spoke at a news conference about how they had been pushed to "a fatal impasse" and "fought their way out" after Washington restricted its supply of chips and chip-design tools from U.S. companies.
The U.S. has said Huawei represents a security risk, which it denies. Tension with the U.S. saw Meng detained for three years in Canada over alleged efforts to cover up attempts by Huawei-linked companies to sell equipment to Iran in breach of U.S. sanctions.
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