Huawei takes $30bn hit on US ban
China's Huawei Technologies has taken a harder-than-expected hit from a US ban, the company's founder and CEO Ren Zhengfei said, and slashed revenue expectations for the year.
His downbeat assessment that the ban will hit revenue by $30bn (€26bn), the first time Huawei has quantified the impact of the US action, comes as a surprise after weeks of defiant comments from company executives who maintained Huawei was technologically self-sufficient.
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The United States has put Huawei on an export blacklist citing national security issues, barring US suppliers from selling to the world's largest telecommunications equipment maker and number two maker of smartphones, without special approval.
The firm has denied its products pose a security threat.
The ban has forced companies, including Google and British chip designer ARM to limit or cease their relationships with the company.
Huawei had not expected that US determination to "crack" the company would be "so strong and so pervasive", Ren said at the its Shenzhen headquarters.
Two US tech experts, George Gilder and Nicholas Negroponte, also joined the session.
"We did not expect they would attack us on so many aspects," Ren said.
"We cannot get components supply, cannot participate in many international organisations, cannot work closely with many universities, cannot use anything with US components, and cannot even establish connection with networks that use such components."