Huawei says U.S. ban hurting more than expected, to wipe off $30 billion in revenue via ReutersTV
HONG KONG - China’s Huawei Technologies Co Ltd has taken a harder-than-expected hit from a U.S. ban, the company’s founder and CEO Ren Zhengfei said, and slashed revenue expectations for the year.
Huawei had not expected that U.S. determination to “crack” the company would be “so strong and so pervasive”, Ren said, speaking at the company’s Shenzhen headquarters on Monday.“We did not expect they would attack us on so many aspects,” Ren said, adding he expects a revival in business in 2021. Huawei, which turned in a revenue of 721.2 billion yuan last year, expects revenue of around $100 billion this year and the next, Ren said. This compares to an initial target for a growth in 2019 to between $125 billion and $130 billion depending on foreign exchange fluctuations.The Trump administration slapped sanctions on Huawei at a time when U.S.
Negroponte, founder of the Massachusetts Institute of Technology Media Lab, said the U.S. ban was a mistake.
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