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Huawei founder says revenue will be billions below forecast

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By Associated Press with NBC News World News
Image: FILE PHOTO: A woman looks at her phone as she walks past a Huawei sh
A Huawei shop in Beijing.   -   Copyright  Thomas Peter
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SHENZHEN, China — Huawei's founder likened his company to a badly damaged plane Monday and said revenues will be $30 billion less than forecast over the next two years.

The Chinese telecom giant will reduce capacity but U.S. moves to restrict its business "will not stop us," Ren Zhengfei said on a panel at the company's headquarters.

The U.S. has put Huawei on a blacklist, meaning that American companies that want to sell parts to Huawei will need approval from the U.S. Commerce Department.

Ren said it never occurred to Huawei that the American government would be so determined to take such a wide range of what he called extreme measures against the company.

"I think both sides will suffer," he said. "No one will win."