Revenue will be billions below forecast, says Huawei founder

Huawei's founder likened his company to a badly damaged plane on Monday and said revenues will be USD 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, who is also the CEO, said on a panel at company headquarters.

He said the company expected revenues of about USD 100 billion annually for the next two years, compared to USD 105 billion in 2018.

In February, he said the company was targeting USD 125 billion in 2019.

In May, 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.

U.S officials have accused Chinese technology companies such as Huawei of stealing trade secrets and threatening cybersecurity possibly at the behest of the ruling Communist Party.

The action comes as Huawei and competitors prepare to launch next generation 5G mobile networks.