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Huawei crackdown

Huawei CEO admits $30bn hit to 2020 sales as US offensive bites

Founder pledges to maintain R&D spending despite setbacks

Screenshot of Huawei's Ren Zhengfei as he reveals a $30bn hit to 2020 sales expectations in an interview on China Global Television Network on June 17, 2019.  

TOKYO -- Huawei Technologies on Monday slashed its sales expectations for the next two years by $30 billion, setting expectations at roughly $100 billion in 2020, as it announced plans to retrench in the face of Washington's campaign to restrict the Chinese tech giant amid a bitter trade battle with Beijing.

Huawei’s founder and CEO, Ren Zhengfei, admitted that constraints imposed on the company's U.S. suppliers by the Trump Administration had taken a heavy toll on the group. Sales were now expected to be fall slightly over the two years from 2018, he said.

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