Money: Huawei CEO expects sales to drop to $100 billion in 2019, 2020 - - PressFrom - Canada
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MoneyHuawei CEO expects sales to drop to $100 billion in 2019, 2020

11:36  17 june  2019
11:36  17 june  2019 Source:   reuters.com

China warns tech giants after US Huawei ban: Report

China warns tech giants after US Huawei ban: Report The Chinese government convened top tech companies this week and warned them of consequences if they cut off technology sales to the country, US media reported on Saturday. 

Reuters 2019 -06-17 By Sijia Jiang. © Reuters/ALY SONG Huawei founder Ren Zhengfei attends a panel discussion at the company headquarters in HONG KONG (Reuters) - China's Huawei Technologies Co Ltd expects sales to drop to around $ 100 billion this year and the next, CEO Ren

11:36 17 june 2019 Source: reuters.com. China warns tech giants after US Huawei ban: Report. The Chinese government convened top tech companies this HONG KONG (Reuters) - China's Huawei Technologies Co Ltd expects sales to drop to around $ 100 billion this year and the next, CEO Ren

Huawei CEO expects sales to drop to $100 billion in 2019, 2020 © Reuters/ALY SONG Huawei founder Ren Zhengfei attends a panel discussion at the company headquarters in Shenzhen

By Sijia Jiang

HONG KONG (Reuters) - China's Huawei Technologies Co Ltd expects sales to drop to around $100 billion this year and the next, CEO Ren Zhengfei said on Monday, as its business comes under pressure due to U.S. sanctions.

The company had reported revenue of 721.2 billion yuan ($104.16 billion) last year, up 19.5 percent from 2017.

Ren said he expects a revival in the business in 2021.

He was speaking at an event at the company's Shenzhen headquarters with two U.S. tech experts George Gilder and Nicholas Negroponte.

Ren added Huawei will not cut research and development spending despite the expected hit to the company's finances.

The United States has put Huawei on a blacklist that bans American companies from doing business with the Chinese firm.

(Reporting by Sijia Jiang; Editing by Himani Sarkar)

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