Business

Huawei expects tough road ahead after sales fall short

BEIJING : China's Huawei Technologies said on Tuesday that its sales rose a lower-than-projected 18 per cent last year and predicted tough times ahead as the US moves to restrict its business.

The flash sales estimate came in an annual New Year's message to employees. Chairman Eric Xu warned that mediocre managers would face demotion as the telecom giant and leader in 5G mobile technology focuses on survival.

"It is going to be a difficult year for us," he wrote, calling on the company's more than 190,000 employees "to work hard and go the extra mile to bring their capabilities to a new level".

The unlisted company, a major maker of both mobile transmission equipment and handsets, estimated that last year's sales would rise to more than 850 billion yuan (S$164.5 billion) .

Huawei typically releases its official and audited annual financial results in March.

Mr Xu said America's "strategic and long-term" campaign against Huawei is an opportunity to build up some muscle and build capabilities to navigate future challenges.

"Despite concerted efforts by the US to keep us down, we've made it out the other side and continue to create value for our customers," he wrote. - AP

BUSINESS & FINANCE