Sales of Hawaii Technologies fell sharply in the first quarter of this year. Bloomberg News reports this based on figures published on the Shanghai Clearing House, the Chinese government’s website that handles financial transactions. The decline is caused by US sanctions against a Chinese technology company.
Among other things, the United States has banned the use of Hawaii technology in communications and network devices. Hawaii has been accused of spying by the United States for some time. The company itself categorically denies this. However, sanctions are doing great damage to a company that has previously competed with technology groups such as Apple and Samsung.
Hawaii is increasingly focusing on other areas, mainly as a result of sanctions that are hampering the progress of the smartphone segment and chip segment. These include smart agricultural applications, sanitation, cloud software and electric cars.
Hawaii sales continued to fall in the second quarter. In the first quarter of 2021, it fell 17 percent year-on-year to 150 billion yuan (19.1 billion euros). The sharp contraction followed a 11 percent turnover decline in the last quarter of 2020.
However, the Chinese company’s profit soared in the last quarter as costs were cut. In the first quarter, Hawaii recorded a profit of nearly 17 billion yuan, a quarter more than in the same period last year.
You can follow these topics