Huawei has lost its smartphone crown. It may never get it back
Hong Kong (CNN Business)Just eight months ago, Huawei reached its longtime goal of becoming the world's biggest smartphone maker. Now, it is not even in the top three.
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On Wednesday, the Chinese tech giant acknowledged that its smartphone business was suffering as US sanctions continue to stifle its growth, cutting off the company's ability to obtain critical components for its devices. "Because of the unfair sanctions placed on us by the US, our mobile phone business saw a revenue decline," Huawei chairman Ken Hu said at a press conference in Shenzhen following the release of the company's latest earnings report.