Huawei said today that previous reports that its Indian subsidiary plans to lay off more than 50 percent of its workforce were untrue.
The ETTelecom reported on Monday citing sources with knowledge of the matter as saying that Huawei has lowered its 2020 revenue target in India by up to 50% and will cut 60-70% of its workforce there.
Huawei's revenue in India was $1.2 billion in 2017, but since then it has been on a downward trend, the report said.
One of the sources said that Huawei is now targeting $350 - $500 million in revenue by 2020, compared to the earlier target of around $700 - $800 million, according to the report.
The company said that it does not comment on market speculation, but reports that its Indian subsidiary plans to cut more than half of its workforce are not true.
Huawei said it will continue to work closely with all of its customers in India.
With the strong support of local talent, Huawei's India operations and resources are aiming to meet any customer requirements, it said.