Huawei reports steep revenue decline

Huawei reports steep revenue decline

by Lily White
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Chinese telecom giant, Huawei, expects revenue to decline by 30 percent for 2021, Reuters reports.

The number came from numerous factors, including a list of U.S. sanctions that limit the company’s presence in the country.

The news came from a letter rotating chairman Guo Ping shared with employees. Challenges are expected to continue in the new year.

Government officials in Canada are expected to make an announcement regarding the company’s future in the country in the new year as well.

Huawei is trying to access Canada’s 5G wireless network as security questions continue to loom.

News reports have indicated Canadian telecom companies have spent more than $700 million installing Huawei equipment to their networks. If the government bans Huawei, the equipment will have to be removed. Various companies have reportedly asked the government to foot the bill.

Image source: ShutterStock 

Source: Reuters

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