Huawei’s H1 Spending on R&D Causes Profit to Sag 32%

Chinese tech giant Huawei reported a 32% drop in first-half net profit as it ramped up research and development spending to counter U.S. sanctions, Che Pan and Brenda Goh reported for Reuters.

Huawei's first-half revenue rose 4% to 427 billion yuan. (Photo: Huawei Facebook) 

Net profit for January to June fell 32% year-on-year to 37 billion yuan ($5.17 billion), according to a filing posted on the Beijing Financial Assets Exchange.

First-half revenue rose 4% to 427 billion yuan, marking the company’s highest revenue for the period since 2020.