Sunday, 08 December, 2019

Huawei CEO: US Banks Are Aware Of All The Bank’s Businesses

Huawei CEO: US Banks Are Aware Of All The Bank’s Businesses Huawei CEO: US Banks Are Aware Of All The Bank’s Businesses
Cecil Davis | 23 June, 2019, 13:11

Huawei is staying calm about its financials in the midst of the drama. Just how much the company would suffer though was always pure guesswork and while the company has remained defiant amidst all the turmoil, founder and CEO, Ren Zhengfei has addressed the concern of revenue loss to investors (as reported by Reuters) where he revealed just how much of a knock the company is expected to take.

Huawei's original forecast for this year was $130 billion, but at an event on Monday, Ren said the company had reassessed its expectations.

China-based smartphone maker Xiaomi, which is already investing to boost its retail operations in the company's home market, is now planning to invest additional $725 million towards retail growth in China in order to counter the growth of Huawei. "As I look at the declines in the consumer business, that would be about 10% roughly, so it's not that big", he said.

The tech giant's CEO added that restrictions imposed on Huawei will not be a problem as the company expects more than a $100-billion-revenue in 2019. But we believe the $30 billion (hit) will be a very small thing.

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The acceleration of Huawei smartphone sales echoed China's smartphone market rebound in April and May after a sluggish performance for five consecutive months. "But we are making adjustments internally", he said during the interview.

"Of course I would like to pick it up", CNBC translated Ren as saying.

According to Huawei Central, Huawei dealers in the Southeast Asian country have promised to "fully refund" users whose devices are unable to support popular apps including Facebook, Instagram, WhatsApp, YouTube and Gmail two years after the date of purchase. "We can communicate and achieve cooperation, to achieve win-win. let's work together to build an informed society".