China’s Huawei says 2021 revenues down almost 30%, sees challenges ahead

Chinese telecoms equipment giant Huawei Technologies Co Ltd (HWT.UL), battered by U.S. sanctions, expects 2021 revenue to have declined nearly 30% and predicted continued challenges in the New Year.

Revenue for the year is expected to be 634 billion yuan ($99.48 billion), rotating chairman Guo Ping said in a New Year letter to employees on Friday.

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

Guo said next year “will come with its fair share of challenges” but that he was satisfied with Huawei’s 2021 business performance.

“An unpredictable business environment, the politicisation of technology, and a growing deglobalisation movement all present serious challenges,” the letter, published on the company’s website, read.

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