Chinese telecommunications giant Huawei said Friday it expects revenue for this year will come in at 634 billion yuan ($99 billion), a 28.9% drop from a year ago, APA reports citing CNBC.
The company has suffered from U.S. sanctions, the semiconductor shortage and a global slump in demand for smartphones.
The full-year estimate for 2021 indicates Huawei’s revenue for the second half of the year declined from that of the first six months to 313.6 billion yuan, from 320.4 billion yuan.
The company reported 891.4 billion yuan in revenue in 2020, up 3.8% from the previous year. That’s far slower than the 19.1% year-on-year increase reported for 2019, with revenue of 858.8 billion yuan.
Friday’s release came as part of an internal New Year’s message from Huawei Rotating Chairman Guo Ping, who focused on rallying employees to press on.