Huawei Reports 16.5% Drop in Revenues in First Quarter, Warns of 'Another Challenging Year' Ahead

LONDON — Chinese tech giant Huawei said Wednesday that its revenues dropped sharply in the first quarter as U.S. sanctions took a toll on its business. Huawei's revenues fell 16.5% year-on-year to 152.2 billion Chinese yuan ($23.5 billion) in the three months ending March 31, according to unaudited financial results revealed by the company on Wednesday. It marks the second consecutive quarter in which Huawei's revenues declined.