Ren Zhengfei: Huawei to lose $30 Billion of Revenue over the next 2 Years due to U.S Ban

Ren Zhengfei, the founder and CEO of Huawei said Monday, the 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 China. He expects revenue of about $100 billion for Huawei in 2019, a decline from last year’s roughly $107 billion.

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CEO Ren during a board discussion at company headquarters in Shenzhen said (via CGTN):

“We never thought that the U.S.’s determination to attack Huawei would be so strong, so firm. 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 a connection with networks that use such components.”

“We realized when we reached a certain level there would be competition, but it didn’t occur to us the U.S. government would be so determined to take such extreme measures against Huawei,” Ren said during a panel discussion.

“It’s okay that certain universities don’t work with us right now because there are so many other universities out there,” the founder said.

“There is no way we can be beaten to death,” Ren said.

Well, the company still has the Chinese market, where it can sell millions of devices without any care of on-going trade situations.