Wednesday 21 August 2019

Huawei founder says revenues will be €27bn less than forecast due to Trump blacklist

A staff member applies makeup for Huawei founder Ren Zhengfei before a panel discussion at the company headquarters in Shenzhen, Guangdong province
REUTERS/Aly Song
A staff member applies makeup for Huawei founder Ren Zhengfei before a panel discussion at the company headquarters in Shenzhen, Guangdong province REUTERS/Aly Song
Independent.ie Newsdesk

Independent.ie Newsdesk

Huawei's founder has likened his company to a badly damaged plane, and said revenues will be $30bn (€26.7bn) less than forecast over the next two years.

Ren Zhengfei said at company headquarters in Shenzhen that the Chinese telecom giant will reduce capacity, but insisted that US moves to restrict its business "will not stop us".

The US government has put Huawei on a blacklist, meaning that American companies that want to sell parts to the Chinese firm will need approval from Washington's commerce department.

Mr Ren said it had 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."

READ MORE: Chip-maker to shut for 3 days over Huawei ban

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