Huawei on Tuesday announced that its sales were up 18 percent in 2019, a number that is lower than expected and indicates that U.S. pressure will slow future growth, The Associated Press reported.
Chairman Eric Xu gave the sales estimates in an annual New Year’s message to employees obtained by the AP, saying the 5G mobile technology company will focus on continuing to achieve growth amid the “difficulties” ahead.
He said the company made more than $120 billion in the past year, so it’s unlikely the company would go under.
“These figures are lower than our initial projections, yet business remains solid and we stand strong in the face of adversity,” he wrote, according to the AP.
He said Huawei’s employees should “work hard and go the extra mile to bring their capabilities to a new level.” Mediocre managers “who have lost their enterprising spirit” are more likely to be demoted during this time, the chairman said.
“Despite concerted efforts by the U.S. government to keep us down, we’ve made it out the other side and continue to create value for our customers,” he wrote, according to the news wire.
Huawei typically releases its financial numbers from the previous year in March, the AP reported.
The U.S. has designated the company as a security risk, adding it to a list forbidding U.S. companies from conducting business with Huawei unless they have an appropriate license. The U.S. also encourages other countries not to purchase technology from Huawei.
The company denies that it poses a security risk.