Huawei founder says revenue will be billions below forecast

Huawei’s founder likened his company to a badly damaged plane Monday and said revenues will be USD 30 billion 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 said on a panel at company headquarters.

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.