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Huawei resumes full work

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Huawei resumes full work
March 26
13:00 2020

More than 135 thousand employees of the Chinese high-tech giant Huawei Technologies Co. have resume work that was stopped due to the coronavirus pandemic. The company employs about 150 thousand people. Part of the operations was launched in early February after obtaining permission from official Beijing.

Huawei CEO Ren Zhengfei told reporters that analysts had had to revise the financial goals for the year downward, but it was too early to talk about specific forecasts. He admitted that outside of China, smartphone sales had fallen seriously, but that decline was balanced by the boom in demand in China itself.

Mr. Zhengfei is optimistic about the future and believes that neither coronavirus, nor the US restrictive policies and the global economic downturn will prevent the company from achieving its goals for 2020.

The head of Huawei said that in the current year, the company planned to spend about $ 20 billion on research (i.e., about $ 5.8 billion more than originally planned). The huge budget should reduce the dependence of the Chinese company on the American technology.

Ren Zhengfei believes that in a situation of self-isolation, the demand for gadgets will only grow. Already, the CEO of Huawei fears that there will not be enough capacity to meet the company’s increased demand.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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