Chinese telecom giant Huawei Technologies recently informed that its sales rose around 18 percent in 2019 despite US moves to restrict its business.
The estimate came in an annual New Year’s message to employees from Eric Xu (Chairman of the company). The letter estimated that 2020 would be a hard year, stating the American pressure makes a difficult environment for Huawei to sustain and compete.
“Despite concerted efforts by the US government to keep us down, we’ve made it out the other side and continue to create value for our customers,” Xu wrote in the letter.
The US government states that Huawei technology poses a security risk and has asked other nations not to buy its 5G mobile network equipment. It has also put Huawei on its entity list, blocking US technology sales to the company. Huawei denies the accusations.
The unlisted company estimated annual sales would top 850 billion yuan ($120 billion). “These figures are lower than our initial projections, yet business remains solid and we stand strong in the face of adversity,” Xu wrote.
The five-page letter tells its employees “to work hard and go the extra mile to bring their capabilities to a new level.” Saying that survival is the company’s top priority, Xu warns that mediocre managers “who have lost their enterprising spirit” will be removed faster than before.
