Huawei revenue to decrease by $30 billion in next 2 years due to US ban | Eurasia Diary - ednews.net

16 July, Tuesday


Huawei revenue to decrease by $30 billion in next 2 years due to US ban

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HuaweiOpens a New Window. founder and CEO Ren Zhengfei estimates the tech company’s revenue will be $30 billion less than forecast over the next two years due to the U.S. government’s ban and ongoing trade dispute with ChinaOpens a New Window..

"We never thought that the U.S.'s determination to attack Huawei would be so strong, so firm," Ren said Monday during a panel discussion at company headquarters in Shenzhen. “…We cannot get components supply, cannot participate in many international organizations, cannot work closely with many universities, cannot use anything with U.S. components, and cannot even establish connection with networks that use such components.”

Ren said Huawei’s sales revenue for the next two years will be about $100 billion — down from the previous target he made in February of $125 billion in 2019. The tech giant brought in a revenue of about $105 billion last year. The CEO added that the company will reduce its capacity in the next two years.

He said Huawei’s international cellphone sales will also drop by 40 percent.

The company's current situation "is not caused by American businesses, but rather by certain politicians' different perspectives," Ren said while comparing the tech giant's current state to a "badly damaged plane." "I think both sides will suffer. No one will win."

Several other companies, including Facebook and Panasonic, have since said they have cut ties with Huawei.

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