Huawei expects 30% drop in 2021 revenue
Huawei president Guo Ping sent a letter to the company’s workers in which he said he expects a 30% drop in revenue for 2021, the result of sanctions imposed by the US over the past few years.
“We have to remain faithful to our strategy and respond rationally to external forces that are beyond our control”, declared the executive, noting however that 2022 will have “its fair share of challenges”.
- European Union formalizes partnership with Bill Gates to accelerate the development of climate technologies
- China arrests senior Communist Party official for supporting bitcoin mining
- US President Joe Biden signed a law that effectively prevents Huawei and ZTE from operating in the US
“An unpredictable business environment, the politicization of technology and a growing deglobalization movement present serious challenges,” warned Guo Ping.
While the firm has been “getting used to U.S. sanctions” imposed on it since 2019, its new 5G related business areas cannot offset the losses from the handset business, Xu, said at a press conference in Beijing on Friday.