According to The Guardian, Huawei’s rotating chairman Eric Xu reported the 850 billion yuan ($122 billion) figure in a New Year’s Eve message to employees. Though the figure falls short of the $125 billion Huawei predicted back in January that it would generate in 2019.
Xu said $122 billion would still represent an 18% increase on its annual revenue for 2018.
In May, Huawei was barred from conducting business with US firms after the US Commerce Department placed it on a so-called “Entity List.” Companies on this list cannot trade with US firms unless those US firms obtain a special government license to do so. The Trump administration has long maintained that Huawei poses a US national security threat as its equipment could be used for spying.
Referencing this issue, Xu reportedly said the US government was waging a “strategic and long-term” campaign against the firm, which would ultimately create a “challenging environment for Huawei to survive and thrive,” adding that “survival will be our first priority.”
One major consequence of US sanctions is the lack of Google apps on its latest smartphones. In September, Huawei’s flagship Mate 30 series was forced to launch without any Google apps or services, which has seriously hampered the phone’s marketability outside China.