Huawei lowers revenue expectations

Huawei Technologies lowered its revenue forecast for 2019 by a sixth, but said that the United States government's restrictions will not stop it from going forward.

Ren Zhengfei, founder and CEO of Huawei, said on Monday in Shenzhen, Guangdong province, that the company's revenue this year and next will stand at around $100 billion after Washington placed major restrictions on the company from purchasing US technology.

"We estimate we'll reduce production by $30 billion over the next two years," Ren said during a dialogue at Huawei's headquarters in Shenzhen. " (But) we will be rejuvenated in 2021."