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SHANGHAI: Chinese tech giant Huawei Technologies Co Ltd estimated on Friday its 2022 revenue remained flat, suggesting that its sales decline due to US sanctions had come to a halt.

Despite sales increasing a mere 0.02%, rotating chairman Eric Xu struck an upbeat tone in the company’s annual New Year’s letter, where he revealed the figure.

“US restrictions are now our new normal, and we’re back to business as usual,” Xu wrote in the letter that was addressed to staff and released to media.

Revenue for the year is expected to be 636.9 billion yuan ($$91.53 billion), according to Xu.

That represents a tiny increase from 2021, when revenue hit 636.8 billion yuan, and marked a 30% year-on-year sales tumble as the US sanctions on the company took effect.

Revenue for 2022 still remains well below the company’s record of $122 billion in 2019. At the time the company was at its peak as the top Android smartphone vendor globally.

In 2019, the US Trump administration imposed a trade ban on Huawei, citing national security concerns, which barred the company from using Alphabet Inc’s Android for its new smartphones, among other critical US-origin technologies.

Germany ups reliance on Huawei for 5G despite security fears

The sanctions caused its handset device sales to plummet.

The company continues to generate revenue via its networking equipment and cloud divisions, and has steadily invested in the electric vehicle (EV) sector.

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