Huawei founder says to cut output by $30 billion in 2019-20

A Huawei company logo is seen at a shopping mall in Shanghai China

A Huawei company logo is seen at a shopping mall in Shanghai China

Huawei's worldwide smartphone shipments will drop 40%, Ren said on Monday, without specifying a period.

The company's woes are feeding into trade tensions between Washington and Beijing.

Ren added, however, that sales growth in China's domestic market remained "very fast". The alleged activity occurred during 2012-13, and relates to Huawei's attempts to build a robot similar to the one T-Mobile was using at the time to test mobile phones.

In order to mitigate poor global performance, Huawei is set to "grab up to half of China's smartphone market in 2019", Reuters writes. He did not specify which lines of business would be hit most.

Huawei, which turned in a revenue of 721.2 billion yuan ($104 billion) last year, expects revenue of around $100 billion this year and the next, Ren said.

Ren said he expects a revival in the business in 2021.

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Mr Ren, however, said Huawei will not cut research and development spending despite the expected hit to the company's finances and would not have large-scale layoffs.

The Semiconductor Industry Association (SIA) confirmed ongoing meetings between chip manufacturers and administration officials, which started nearly immediately after the USA blacklisted Huawei in May, while the Commerce Department said that such talks have no influence over "law enforcement actions".

The US indictment related to the case alleges Huawei offered bonuses to employees for stealing information, before needing to clarifying for its US employees that such behaviour would be illegal.

Huawei strongly denies any links to China's government and says the United States has never provided proof of its accusations.

Chip makers argue that Huawei units selling products such as smartphones and computer servers use commonly available parts and are unlikely to present the same security concerns as the Chinese technology firm's 5G networking gear, according to three people.

Although Huawei is building its own operating system and build its own components (it already makes its own Kirin processors), the absence of key services like Google Maps and the Google Play Store is a huge blow to its devices appeal in the West. It ran a full-page ad in major United States newspapers in February following a string of interviews with Huawei Chief Executive Ren Zhengfei aimed at softening its dark image in the West. Huawei, for reference, shipped 206 million smartphones in 2018.

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