Huawei Revises Revenue Estimates for 2019 and 2020 After US Ban

Huawei’s CEO has revised revenues for the company as a result of the US ban, estimating revenues to dip to around $100 billion in 2019 and 2020. Previously, the company had expected revenues to touch $125 billion this year, up from a little over $104 billion in 2018.

This is the first time that Huawei has put a number on the potential loss as a result of the US government’s decision to add Huawei and its affiliates to a trade blacklist. According to Founder and CEO, Ren Zhengfei, Huawei’s international smartphone shipments could decline by 40%, while Bloomberg pegs this figure anywhere between 40% and 60%.

Ren, however, remains hopeful that the company’s revenues will pick up again by 2021. Another sign of optimism is that his company remains set to maintain its R&D budget despite the financial setback.