Huawei says US ban will cost it $30 billion in lost sales

Huawei will miss sales forecasts by about $30 billion over the next couple of years because of a US campaign against its business, the founder and CEO of the Chinese tech company said Monday. “In the next two years, I think we will reduce our capacity, our revenue will be down by about $30 billion compared to the forecast, so our sales revenue this year and next year will be about $100 billion,” Ren Zhengfei said during a panel discussion at Huawei’s headquarters in Shenzhen. Sales last year grew by about 20% to 721 billion yuan ($104 billion). The embattled Chinese tech firm has since become a flashpoint in the US-China trade war. The Trump administration delivered a huge blow on May 16, when it added Huawei to a blacklist that bars US companies from selling it technology without first obtaining a US government license. CNN Business

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