In May, Huawei was put on the U.S. Entity List, a blacklist that restricts American firms doing business with it. A top executive told CNBC that was to blame for missed revenue targets.
Huawei reported revenue of around 858.8 billion yuan or $123 billion for 2019, in line with its target at the start of last year.
He also said that a large part of that revenue shortfall occurred in weakness in the company's consumer division which is responsible for smartphones and other devices.Visitors pass in front of the Huawei's stand on the first day of the Mobile World Congress in Barcelonaon on February 27, 2017 in Barcelona.Huawei reported slowing profit growth in 2019 as the U.S. blacklisting the Chinese technology giant weighed on its business.
Eric Xu, rotating chairman at Huawei, told CNBC in an interview Tuesday that the company had missed its own targets. At the start of 2019, Huawei projected revenue of around 858.8 billion yuan or $123 billion, which it eventually ended the year with. But in April of last year, it was preparing to revise that target to $135 billion.
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