Huawei smartphone revenue to fall at least $30-40 billion in 2021- chairman
Information about Huawei smartphone revenue to fall at least $30-40 billion in 2021- chairman
By David Kirton
SHENZHEN, China (Reuters) -China’s Huawei Technologies will see revenue from its smartphone business drop by at least $30-40 billion in 2021, with new growth streams unlikely to make up the shortfall in the next few years, chairman Eric Xu said.
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, who is rotating chairman this year, said at a press conference in Beijing on Friday.
Former U.S. president Donald Trump put Huawei on an export blacklist in 2019 and barred it from accessing critical U.S.-origin technology, impeding its ability to design its own chips and source components from outside vendors.
The sanctions hit Huawei’s smartphone business particularly hard.