Huawei Founder Ren Zhengfei Says Revenue Will Be Billions Below Forecast.
Huawei's founder likened his company to a badly damaged plane Monday and said revenues will be $30 billion (roughly Rs. 2,10,000 crores) less than forecast over the next two years.
The Chinese telecom giant will reduce capacity but US moves to restrict its business "will not stop us," Ren Zhengfei, who is also the CEO, said on a panel at company headquarters.
He said the company expected revenues of about $100 billion annually for the next two years, compared to $105 billion in 2018. In February, he said the company was targeting $125 billion in 2019.
In May, the US has put Huawei on a blacklist, meaning that American companies that want to sell parts to Huawei will need approval from the US Commerce Department.
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US officials have accused Chinese technology companies such as Huawei of stealing trade secrets and threatening cyber-security — possibly at the behest of the ruling Communist Party.
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