Huawei’s founder on Monday cut the company’s revenue forecast for 2019 by a sixth and said it would scale back production, as the Chinese telecoms maker grapples with the fallout of the US government’s move to cutting off critical suppliers.
"Over the next two years, the company will reduce production. We estimate we’ll reduce production by $30bn,” said Ren Zhengfei, founder and president of Huawei, speaking at a panel discussion on technology, markets and enterprise in Shenzhen.
“This [calendar] year and next year, our revenues will be around $100bn.”
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