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Huawei slashes India revenue target for 2020 by 50%; lays off 60-70% staff

Huawei is now targeting $350-$500 million in revenue for 2020, compared with roughly $700-800 million it was aiming earlier

twitter-logoReuters | July 27, 2020 | Updated 10:18 IST
Huawei slashes India revenue target for 2020 by 50%; lays off 60-70% staff
Huawei is cutting 60-70% of its Indian staff, excluding those in research and development and the global service centre

Chinese telecom company Huawei Technologies Co has cut its India revenue target for 2020 by up to 50% and is laying off more than half of its staff in the country, the Economic Times reported on Monday, amid calls to boycott Chinese goods in Asia's third-largest economy.

Huawei is now targeting $350-$500 million in revenue for 2020, compared with roughly $700-800 million it was aiming earlier, the newspaper reported. Huawei is cutting 60-70% of its Indian staff, excluding those in research and development and the global service centre, the newspaper said, citing people aware of the matter.

The report comes amid a rise in anti-China sentiment in India following the killing of 20 Indian soldiers by Chinese forces in a Himalayan border dispute last month. India has also told two state-run telecoms firms to use locally-made rather than Chinese telecom equipment to upgrade their mobile networks to 4G.

Huawei did not immediately respond to a request for comment on the report.

Also read: Huawei lawyers claim Trump created 'ominous' climate for extradition of CFO Meng to US

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