# Chinese smartphone maker giant Huawei announced that profits fell 28-percent last year as it faced international economic uncertainty and weak consumption at home. The Shenzhen-based company has been at the centre of an intense standoff between China and the United States after Washington warned its equipment could be used for espionage by the Chinese government, an allegation Huawei denies. Sanctions since 2019 have cut the firm’s access to US-made components and technologies, forcing it to diversify its growth strategy.
Chinese smartphone giant announces 28% drop in profits