Huawei CEO expects sales to drop to $100 billion in 2019, 2020

HONG KONG – China’s Huawei Technologies Co Ltd expects sales to drop to around $100 billion this year and the next, CEO Ren Zhengfei said on Monday, as its business comes under pressure due to U.S. sanctions.

The company had reported revenue of 721.2 billion yuan ($104.16 billion) last year, up 19.5 percent from 2017.

Ren said he expects a revival in the business in 2021.