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Huawei says U.S. ban hurting more than expected, to wipe $30 billion off revenue
Source: Reuters
BUSINESS NEWS JUNE 17, 2019 / 2:50 AM / UPDATED AN HOUR AGO
Huawei says U.S. ban hurting more than expected, to wipe $30 billion off revenue
Sijia Jiang
4 MIN READ
HONG KONG (Reuters) - China’s Huawei Technologies Co Ltd has taken a harder-than-expected hit from a U.S. ban, the company’s founder and CEO Ren Zhengfei said, and slashed revenue expectations for the year.
Ren’s downbeat assessment that the ban will hit revenue by $30 billion, the first time Huawei has quantified the impact of the U.S. action, comes as a surprise after weeks of defiant comments from company executives who maintained Huawei was technologically self-sufficient.
The United States has put Huawei on an export blacklist citing national security issues, barring U.S. suppliers from selling to the world’s largest telecommunications equipment maker and No.2 maker of smartphones, without special approval.
The firm has denied its products pose a security threat.
The ban has forced companies, including Alphabet Inc’s Google and British chip designer ARM to limit or cease their relationships with the Chinese company.
-snip-
Huawei says U.S. ban hurting more than expected, to wipe $30 billion off revenue
Sijia Jiang
4 MIN READ
HONG KONG (Reuters) - China’s Huawei Technologies Co Ltd has taken a harder-than-expected hit from a U.S. ban, the company’s founder and CEO Ren Zhengfei said, and slashed revenue expectations for the year.
Ren’s downbeat assessment that the ban will hit revenue by $30 billion, the first time Huawei has quantified the impact of the U.S. action, comes as a surprise after weeks of defiant comments from company executives who maintained Huawei was technologically self-sufficient.
The United States has put Huawei on an export blacklist citing national security issues, barring U.S. suppliers from selling to the world’s largest telecommunications equipment maker and No.2 maker of smartphones, without special approval.
The firm has denied its products pose a security threat.
The ban has forced companies, including Alphabet Inc’s Google and British chip designer ARM to limit or cease their relationships with the Chinese company.
-snip-
Read more: https://www.reuters.com/article/us-huawei-tech-usa-revenue/huawei-says-u-s-ban-hurting-more-than-expected-to-wipe-30-billion-off-revenue-idUSKCN1TI0KL
