According to what was announced by “Reuters”, the Chinese Huawei Technologies Co Ltd expects, for this year and next, a drop in sales to approximately $ 100 billion.
The announcement was made by the CEO Ren Zhengfei who explained that his activities are under pressure due to the US sanctions that have put Huawei on a blacklist that prohibits American companies from doing business with the Chinese company.
The company posted revenue of 721,2 billion yuan (US $ 104,16 billion) last year, marking a 19,5% rise from 2017. Ren, speaking at an event at the company's headquarters in Shenzhen with two US technical experts George Gilder and Nicholas Negroponte said he expects a resurgence in the business in 2021.
Ren Zhengfei then announced that Huawei will not cut spending on research and development, despite the expected impact on the company's finances.