Huawei revenue drops 29% as its consumer growth engine stutters

Chinese telecommunications giant Huawei Technologies saw its revenue drop by almost a third in the first half of 2021, with U.S. sanctions hobbling its once-dominant handset business and new business areas still in their early stages. The biggest drop came from Huawei’s consumer business group, which includes handsets, where revenue fell 47% to 135.7 billion yuan. It eked out a 0.6 percentage point rise in its net profit margin to 9.8%, largely due to efficiency improvements, a company spokesman said.