Chinese technology company Huawei reported a 29.4 percent decrease in revenue in the first half of 2021 compared to the same period last year, the Associated Press reported. The drop came as U.S. sanctions imposed to address security concerns caused smartphone sales from the company to drop.

In 2019, former President Donald Trump blocked U.S. companies from selling technology and services to Huawei, such as Google Maps, processor chips and music, the Associated Press reported. The company's $70.2 billion in reported revenue for the first half of 2020 dropped to $49.6 billion in the first half of 2021, due in part to a November sale of its Honor smartphone product.

"Our aim is to survive, and to do so sustainably," said Eric Xu, a rotating Huawei chairman, in a statement. "Despite a decline in revenue from our consumer business caused by external factors, we are confident that our carrier and enterprise businesses will continue to grow steadily."

Huawei Reports Nearly 30 Percent Revenue Drop Amid U.S. Sanctions (newsweek.com)