Huawei founder says revenue will be billions below forecast

The U.S. has put Huawei on a blacklist, meaning that American companies that want to sell parts to Huawei will need approval from the U.S. Commerce Department.

17 June 2019 | 10:37

Source: Associated Press

  • Source: Associated Press
  • Last update: 17 June 2019 | 10:37

Huawei founder Ren Zhengfei speaks at a roundtable at the telecom giant's headquarters in Shenzhen in southern China on Monday, June 17, 2019. (AP Photo)

SHENZHEN, China: Huawei’s founder likened his company to a badly damaged plane Monday and said revenues will be $30 billion less than forecast over the next two years.

The Chinese telecom giant will reduce capacity but U.S. moves to restrict its business “will not stop us,” Ren Zhengfei said on a panel at company headquarters.

The U.S. has put Huawei on a blacklist, meaning that American companies that want to sell parts to Huawei will need approval from the U.S. Commerce Department.

Ren said it never occurred to Huawei that the American government would be so determined to take such a wide range of what he called extreme measures against the company.

“I think both sides will suffer,” he said. “No one will win.”

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