Huawei H1 profit drop quickens to 36% on rising costs, R&D spending

China's ​Huawei ‌Technologies reported a ​steeper 36% plunge in ‌first-half net profit on Monday as soaring input costs ‌and heavier spending ‌on research and development outweighed revenue growth.

The Chinese technology ⁠company ​said ⁠net profit for January to June ⁠fell to 23.81 billion ​yuan ($3.54 billion), accelerating from a ⁠32% drop in the ⁠same ​period a year earlier, while ⁠revenue rose 9.6% to 467.82 billion ⁠yuan, ⁠as it continued to recover from U.S. ‌sanctions.