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Huawei lays off 60-70% employees

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 in Asia's third-largest economy.

Huawei is now targeting $350-$500 million in revenue for 2020, compared with roughly $700-800 million it was aiming earlier, the newspaper reported. Huawei is cutting 60-70% of its Indian staff, excluding those in research and development and the global service centre, the newspaper said, citing people aware of the matter.

The 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.