Huawei cuts India revenue target by up to 50%, laying off staff: Report

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

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.

Huawei’s India unit said the report suggesting layoffs of more than half of Huawei staff in the country was untrue, but did not elaborate.

The newspaper said the company was targeting $350-500 million in revenue for 2020, compared with roughly $700-800 million it was aiming for earlier in Asia’s third-largest economy.

The report said the company was cutting 60-70%