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Huawei founder says revenue will be $30 billion below forecast

"I think both sides will suffer," said Huawei's founder of the U.S. adding the company to a blacklist.
Image: FILE PHOTO: A woman looks at her phone as she walks past a Huawei shop in Beijing
A Huawei shop in Beijing.Thomas Peter / Reuters file

SHENZHEN, China — Huawei's founder likened his company to a badly damaged plane Monday and said revenues will be $30 billion less than forecast over the next two years.

The Chinese telecom giant will reduce capacity but U.S. moves to restrict its business "will not stop us," Ren Zhengfei said on a panel at the company's headquarters.

The U.S. has put Huawei on a blacklist, meaning that American companies that want to sell parts to Huawei will need approval from the U.S. Commerce Department.

Ren said it 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."