Chinese telecom giant Huawei Technologies Co. said Tuesday that, following U.S. efforts to limit its business, its sales increased by about 18 percent in 2019.
The prediction came from Chairman Eric Xu’s annual New Year’s letter to employees. The letter predicted 2020 would be a difficult year, saying that Huawei is creating a challenging environment for American pressure to survive and thrive.
“Amid the United States government’s determined effort to keep us down, we’ve done it on the other hand and continue to generate value for our consumers,” Xu wrote near the beginning of the letter released to the media.
The U.S. government argues that Huawei technology poses a security risk and advised other nations not to buy their 5 G mobile network equipment. It also placed Huawei on its list of companies, blocking the company’s U.S. technology sales. The accusations are refuted by Huawei.
Annual sales projected by the non-listed company will exceed 850 billion yuan ($120 billion). Huawei, headquartered in southern China’s Shenzhen tech hub, usually publishes its March official and audited financial results.
“These numbers are smaller than our original estimates, but the company remains strong and we’re strong in the face of adversity,” Xu wrote.
The five-page letter encourages workers “to work hard and go the extra mile to push their abilities to a new level.” Saying that sustainability is the top priority of the company, Xu warns that medium-sized managers “who have lost their entrepreneurial spirit” will be replaced more easily than before.