SHENZHEN, China — The U.S. blacklisting of Chinese telecom giant Huawei will reduce the company’s sales by $30 billion over the next two years, Huawei chief executive Ren Zhengfei said Monday, comparing the company to a “badly damaged plane.”
Speaking at company headquarters in some of his first remarks since the ban, Ren said the U.S. penalty is causing Huawei’s cellphone sales outside of China to drop by about 40 percent. Before the ban Huawei was the world’s second biggest seller of cellphones and the largest seller of telecom network equipment, with annual revenue of about $105 billion.
The Trump administration last month barred companies from selling U.S. technology to Huawei, saying the company was “engaged in activities that are contrary to U.S. national security or foreign policy interest.” Administration officials say they fear Huawei could tap into and monitor sensitive U.S. communications through its network technology.
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