US ban stings Huawei hard

19 June, 2019 12:00 AM printer

BEIJING: China's Huawei Technologies has taken a harder than expected hit from a US ban, the company's founder Ren Zhengfei said, and slashed revenue expectations for the year.

Mr Ren's downbeat assessment that the ban will hit revenue by $30 billion (Dh110bn), the first time Huawei has quantified the impact of the US action, comes as a surprise after weeks of defiant comments from company executives who maintained Huawei was technologically self-sufficient, report agencies.

The US has put Huawei on an export blacklist citing national security issues, barring US suppliers from selling to the world's largest telecommunications equipment maker and the second manufacturer of smartphones, without special approval.