Huawei Technologies Co Ltd has announced that it is out of crisis mode, having posted a 0.9% increase in annual revenue in line with a company forecast, signaling a level of stability after successive rounds of U.S. export controls since 2019 hammered its once mighty smartphone business.

The tech conglomerate has reportedly made headway with replacing components affected by sanctions, thanks to the billions it is spending on research.

The company’s net profit, however, has declined severely by 44%, with its revenue of CNY 642.3 billion ($93.4 billion) in 2022 coming in far below its record CNY 891.3 billion logged in 2019 when it was the top Android smartphone vendor globally, as the Techloy chart below shows.