Huawei woes

Chinese telecom giant Huawei has reported a 32 percent decline in sales amid U.S.-implemented sanctions on the company.

The data released Friday said the company lost $71.2 billion in the first nine months of 2021, down 32 percent, The Wall Street Journal reported.

The company is down $21.2 billion in the most recent quarter, compared to the same period last year, according to the report.

The most recent quarter ending in September is also the fourth quarter the company has seen a decline in revenue as it struggles to overcome U.S. sanctions.

The company’s rotating chairman Guo Ping said in a statement that performance was in line with company expectations, saying Huawei’s business-to-business operations remain stable while its consumer side “has been significantly impacted.”