Huawei plunges 40% due to Trump's attacks.
Huawei's smartphone sales plunge 40% due to Trump attacks.
Huawei's smartphone sales have plummeted 40 percent following the attacks of Donald Trump said the company's founder.
The Chinese tech giant has been blacklisted by the U.S. due to national security fears. What this means is that U.S. companies wishing to sell parts to the Chinese firm must first get approval from the Commerce Department.
That has led several companies, including Google, to discontinue business with Huawei, has caused damage to its business. The founder warned that sales would be around $ 30 billion low.
"Over the next two years, I think we will reduce our capacity, our revenue will be reduced by about $ 30 billion (£24 billion).
THE END OF HUAWEI
Google's decision to discontinue support for has been particularly troubling because the U.S. firm's Android operating system is used in phones .
That has left consumers unsure about whether to buy Huawei smartphones. The company is also struggling to find other vendors and develop its own software.
"In the next two years, we will make a lot of different versions of products that ... will take time to ramp up," Ren said in Mandarin, according to a Huawei translation. "After that step, we will be stronger."
The U.S. president has also led global efforts to freeze Huawei from the rollout of ultrafast 5G mobile networks that is underway.
Huawei is the world's leading supplier of network equipment, and companies have warned that switching to other vendors at this late stage will cost billions of dollars.
Mr. Ren reiterated Huawei's repeated denials that any of its equipment contains "backdoors" that could allow Chinese security services to spy on network users.