Huawei CEO Says U.S. Sanctions Will Cost Company “Billions” in Revenue

Huawei Technologies founder and CEO Ren Zhengfei predicts U.S. sanctions could cut the telecom’s revenue by about U.S.$30 billion over the next two years. That’s the first time he’s quantified the hit from the Trump administration restrictions.

Sales at China’s largest technology company will likely remain stagnant at about U.S.$100 billion in 2019 and 2020, according to the executive, Bloomberg reported. The Trump administration curbs will cut into a two-year lead Huawei built up over competitors like Nokia and Ericsson, Zhengfei said Monday during a panel discussion at company headquarters in Shenzhen.

“We didn’t expect the U.S. would hit our supply chain in such a wide way,” Ren said. “We didn’t expect the damage to be this serious.” Continue Reading