Huawei Says US Ban Hurting More Than Expected, To Wipe $30 Billion Off Revenue

China's Huawei 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. From a report: 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. Huawei had not expected that U.S. determination to 'crack' the company would be 'so strong and so pervasive,' Ren said, speaking at the company's Shenzhen headquarters on Monday. Two U.S. tech experts, George Gilder and Nicholas Negroponte, also joined the session. 'We did not expect they would attack us on so many aspects,' Ren said, adding he expects a revival in business in 2021.

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