Ren Zhengfei, the founder and CEO of Huawei, the largest Chinese company, says earnings of the manufacturer may fall by $30 billion in the next two years. Currently, Huawei had to reduce its production capacity due to US sanctions.
The company’s CEO notes that sales revenue will not exceed $100 billion this year and next year. Last year, the indicator amounted to 721,2 billion yuan ($104.16 billion), compared to 19.5 percent in 2017.
Ren Zhengfei believes that US sanctions significantly harm not only Chinese business but also US interests. In May of this year, the US Department of Commerce blacklisted Huawei and its 70 affiliates. They were accused of engaging in activities contrary to the national security of the US. Later, the agency allowed US companies to interact with Huawei but only until August of this year.
Recently, Google has announced the end of cooperation with Huawei. The corporation blocks the Chinese manufacturer's access to its Android operating system updates, as well as to Google Play for new Huawei devices.
