Huawei to lay off 60% staff; reduces 2020 target revenue by 50%

Huawei is laying off 60%-70% of its staff including contract-workers, third party employees and excluding those in R&D. The firm has also slashed its Indian revenue target for 2020 by 50%. Revenue, which was earlier expected to be $700-$800 M is now replaced by $350-$500M. Its two major Indian customers – Vodafone Idea, Bharti Airtel – have halted equipment-purchase. In US, TSMC has not given any new orders to comply with US export controls.  

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