China's Huawei says 2021 sales down but profit up

China’s Huawei Technologies Ltd. reported its 2021 profit rose 75.9% while sales fell under pressure from curbs on access to most U.S. technology that crippled its smartphone business and led to an overhaul of its global operations.

But the company might be recovering as it develops new product lines, chief financial officer Meng Wanzhou said in her first appearance at a public business event since returning from Canada in September.

Huawei is at the center of tension with Washington over technology and security. Meng, the daughter of Huawei’s founder, was arrested in 2018 on U.S. charges. She was released in September under a deal with the U.S. Justice Department.