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Huawei expects revenue to drop by billions amid US ban

Huawei expects sales to drop to $100bn (£79.5bn) this year and in 2020 as the Chinese tech firm faces up ..

By admin , in Tech , at June 17, 2019

Huawei expects sales to drop to $100bn (£79.5bn) this year and in 2020 as the Chinese tech firm faces up to a US ban. Chief executive Ren Zhengfei said sales would fall short of 2019 targets of $125bn and drop from the $105bn it reported in 2018. But Ren, who said “no one will win” in the escalating battle between the company and the US government, expected a revival in 2021. Read more:UK mobile operators must be cautious over Huawei It comes after US President Donald Trump signed an executive order effectively blocking American companies from working with telecoms firm Huawei. The company has found itself at the centre of a trade dispute between the US and China and faces allegations its equipment could be used by Beijing for spying, which it has always denied. It is also preparing for a sharp fall in international smartphone sales and could even pull its new Honor 20 phone, Bloomberg reported. Executives are bracing themselves for a 40 to 60 per cent drop in international smartphones shipment due to the effect of the Trump blacklisting and uncertainty regarding Huawei in other western countries, according to the report. Speaking at the companys headquarters in Shenzhen, Ren said the company would not cut research and development spending despite the impact on its finances. Last week Chinas ambassador to the UK warned a ban on Huawei would send a “very bad signal” and could harm trade tensions between the two countries. Read more: Read More – Source





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