Sales plunge as Huawei finds itself on the cutting knife edge

Business

Sales plunge as Huawei finds itself on the cutting knife edge

The telecoms giant’s CEO announced cutbacks to weather the storm

AFP

Huawei’s founder said on Monday the Chinese telecommunications giant’s overseas smartphone sales had tumbled since the US in May threatened to blacklist the company, and he warned the embattled firm would slash production to survive the US drive to isolate it.

The announcements by Huawei founder and CEO Ren Zhengfei marked the first clear indication from the company of the impact of the US pressure, which is being applied over concerns in Washington that Huawei is in bed with China’s security apparatus.

Speaking at a panel discussion organised by the company at headquarters in the city of Shenzhen in southern China, Ren was asked if he could confirm media reports citing anonymous sources that said its overseas smartphone sales had fallen by up to 40%...

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