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.