The Chinese company Huawei Technologies this year will face the fact that revenue from the production and sale of smartphones in 2021 will fall by at least $ 30-40 billion, while new directions of growth are unlikely to fill this gap in the next few years. This point of view was expressed by the chairman of the board of the company Eric Xu (Eric Xu).
While the company is “getting used to US sanctions” in effect since 2019, other businesses, particularly those related to 5G networks, have been unable to recoup losses in the smartphone market.
Former US President Donald Trump placed Huawei on an export blacklist in 2019 and restricted the company’s access to critical US-based technology. As a result, the Chinese manufacturer lost the ability to order the production of modern self-developed microcircuits and purchase many components.
According to the research company Canalys, Huawei, which at some point even led the global smartphone market, dropped out of the top five Chinese manufacturers of these products in the second quarter of this year for the first time in more than seven years.
According to Xu, last year, smartphone sales were about $ 50 billion. The chairman’s “greatest hope” associated with the company is the hope that Huawei will still exist in five to ten years.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
