Huawei CEO says underestimated impact of U.S. ban, sees revenue dip

HONG KONG: Huawei Technologies Co Ltd’s founder and CEO Ren Zhengfei said the impact of a U.S. ban on the Chinese company was more severe than expected and warned that revenue would dip to around $100 billion this year and the next.

This is the first time that Huawei has quantified the impact of the U.S. action against the company and Ren’s downbeat assessment comes after weeks of defiant comments from company executives who maintained Huawei was technologically self-sufficient.

Huawei had not expected that U.S. determination to “crack” the company would be “so strong and so pervasive”, Ren said, speaking at the company’s Shenzhen headquarters on Monday.