Huawei sees 2021 revenue slumping by almost 30%


China’s Huawei Technologies Co Ltd expects 2021 revenue to have slumped nearly 30%, a possible aftermath of U.S sanctions it has suffered.

Huawei also forsaw continued challenges in the New Year.

Revenue for the year is expected to be 634 billion yuan ($99.48 billion), Reuters quotes chairman Guo Ping.

That represents a fall of 28.9% from 2020 revenues of 891.4 billion yuan, Reuters estimates.

Huawei was battered by U.S. sanctions, and a COVID-19 induced weak domestic consumption.

According to Huawei’s most recent earnings report, Q3 revenue fell 38% compared with a year earlier.

The first three quarters’ revenue was down by almost a third year-on-year.


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