ECONOMY

Huawei ignores $30B revenue drop: CEO

Chinese tech giant Huawei will generate $30 billion less in revenue this year due to the recent sanctions, the company's CEO said Wednesday.

According to U.S.-based news channel CNBC, Ren Zhengfei stated that the company does not expect any trouble in the Chinese market, as the major concern is about global sales.

Zhengfei, who is also founder of the company, noted that a $30 billion loss is not a big deal for Huawei.

He said that the company's current loss is below 20% compared to last year -- in the worst case there may be a 40% drop.

The tech giant's CEO added that restrictions imposed on Huawei will not be a problem as the company expects more than a $100-billion-revenue in 2019.

Last month, U.S. President Donald Trump signed an executive order declaring a national emergency over "threats against information and communications technology and services" in the U.S., slapping Huawei with sanctions and blacklisting the company from doing business with U.S. firms.

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