The chief executive officer of Chinese telecommunications giant Huawei Technologies Co. Ltd. Ren Zhengfei said on Wednesday the company is likely to go through bigger losses in revenue in overseas markets, rather than at home in China. In an interview with CNBC, Ren said Huawei will make "internal adjustments" to make up for the expected losses abroad that come as a result of the United States Commerce Department's ban.
"I don't see that problem, because in the Chinese market, the consumer business has not seen a decline," Ren stated. "It's just that there might be declines overseas. In the worst case, 40%, but now it's less than 20%. And that kind of decline is also changing. As I look at the declines in the consumer business, that would be about 10% roughly, so it's not that big," he added.
Earlier this week, Ren said that Huawei's revenue will fall by $30 billion and that production is likely to decrease by approximately 30% in the next two years. He vowed, however, that the company will not cut investments in research and development.
