Huawei founder Ren Zhengfei has said international sales of the Chinese telecoms giant’s handsets have sunk 40% in the past month as a US-led backlash against the firm intensifies.
Speaking at the firm’s headquarters, Mr Ren also said the company would slash production by $30bn (£23.9bn).
Last month, the US put Huawei on a list of companies that American firms cannot trade with unless they have a licence.
The move marked an escalation in efforts by Washington to block Huawei.
The US argues that the Chinese company – the world’s largest maker of telecoms equipment and the second biggest smartphone maker – poses a security risk.
“In the coming two years, the company will cut production by $30bn,” Mr Ren said at a panel discussion at the firm’s headquarters in Shenzhen.
Sales are now expected to remain flat at $100bn in 2019 and 2020. Earlier this year, Huawei had predicted sales of about $125bn for 2019.
However, Mr Ren said the company would “regain [its] vitality” in 2021.
He also said that while overseas smartphone sales had dropped sharply, in China growth remained “very fast”.
Spending on research and development would not be cut, Mr Ren added, despite the anticipated hit to the firm’s finances.
The Huawei founder had previously downplayed the impact of the US restrictions on the Chinese firm.
However, the actions by the US have prompted tech companies around the world to retreat from Huawei.
Google barred Huawei from some updates to the Android operating system, meaning new designs of Huawei smartphones are set to lose access to some Google apps.
Japan’s Softbank and KDDI have both said they will not sell Huawei’s new handsets for now.
UK-based chip designer ARM told staff it must suspend business with Huawei, according to internal documents obtained by the BBC.
Washington’s clampdown on Huawei is part of a broader push-back against the company, over worries about using its products in next-generation 5G mobile networks.
Several countries have raised concerns that Huawei equipment could be used by China for surveillance, allegations the company has vehemently denied.
Huawei has said its work does not pose any threats and that it is independent from the Chinese government.
However, some countries have blocked telecoms companies from using Huawei products in 5G mobile networks.
So far the UK has held back from any formal ban.
Corruption Cuts Across Sectors – ICPC Chairman
Prof. Bolaji Owasanoye, Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), on Friday said prevalence of corruption in...
Court Remands Father Accused Of Sexually Assaulting 3 Daughters
An Ikeja Chief Magistrates’ Court on Friday ordered that a 57-year-old father, Mr Mojeeb Fashola, accused of sexually assaulting his...
Edo: APC Shouldn’t Push Obaseki Out – Idahosa
Charles Idahosa was special adviser on Political Matters to former Edo State Governor, Comrade Adams Oshiomhole. In this interview with...
Bayelsa Has Resources To Up IGR – Agbedi
In this interview with CHIBUZO UKAIBE, Hon Fred Agbedi, representing Sagbama/Ekeremor Federal Constituency of Bayelsa State, speaks on some pressing...
Bayelsa APC Gov’ship Aspirants’ Split Over Mode Of Primaries
The controversy that trailed the adoption of direct mode of primaries by stakeholders within the APC in Bayelsa State has...
Our Garments Are Works Of Art – Gounden
Ethical, stylish and luxurious, these three words summarise the design and feel of Vanessa Gounden couture. Vanessa has taken inspiration...
Natural Treatment For Fibroids
Most intelligent people while solving a problem make sure that they don’t leave any scope for its return. When we...
FEATURES15 hours ago
Sen Abbo Abducted My Daughter – Father
EDUCATION16 hours ago
30 Nigerian Students Get Full U.S. Govt Scholarship
POLITICS15 hours ago
Bayelsa APC Writes Oshiomhole Over Adoption Of Direct Mode Of Party Primary
NEWS16 hours ago
U.S. Designates Hezbollah Leader Global Terrorist, Offers $7m For Information
OPINION15 hours ago
GYB – A Performer Who Deserves The Ultimate Crown
OPINION21 hours ago
The Gbajabiamila You Don’t Know
ENTERTAINMENT18 hours ago
Bill Gates Loses ‘Second Richest Man’ Seat To LVMH’s Bernard Arnault
CRIME16 hours ago
Court Remands 2 Teenagers For Allegedly Defiling 13-year-old Girl