Huawei cuts India revenue target by up to 50%, retrenching staff

Journalists follow the presentation of Huawei's new smartphone, the Mate S, ahead of the IFA Electronics show in Berlin, Germany, September 2, 2015. REUTERS/Hannibal Hanschke/Files

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 Economic Times said the company was cutting 60-70% of its Indian staff, excluding those in research and development and the global service centre.

Huawei‘s India unit said it continues “to work closely” with all customers in the country.

“Our India operations and resources, backed by robust local talent are designed to meet any customer requirements.”

The Economic Times report comes amid a rise in anti-China sentiment in India following the killing of 20 Indian soldiers by Chinese forces in a Himalayan border dispute last month.

India has also told two state-run telecoms firms to use locally-made rather than Chinese telecom equipment to upgrade their mobile networks to 4G. (https://reut.rs/2ByrjhH)

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.