Huawei slashes revenue forecast amid US pressure in trade war

Huawei will reduce its production capacity which could hit revenue growth, the CEO of the Chinese tech giant said on Monday, as he revealed his plans to deal with the continued pressure from the U.S.

“In the next two years, I think we will reduce our capacity, our revenue will be down by about $30 billion dollars compared to forecasts, so our sales revenue due this year and next will be about $100 billion,” Ren Zhengfei, founder of the telecoms equipment giant said, adding that the firm will regain its “growth momentum” after 2020.

Huawei is currently on a U.S. blacklist that restricts American businesses selling products to the Chinese firm. The restrictions have affected Huawei’s business as it relies on American suppliers for components and software in several of its products including smartphones and laptops.

Huawei reported revenue over $100 billion for the first time in 2018 — about 19.5%…