Huawei’s revenue grew by almost a quarter (23.2 per cent) in the first half of the year, the company has announced, despite its ongoing US ban.
The Chinese giant said it hit $52.28 billion, up from $51.23 billion the year before (which was a 15 percent growth in itself). Smartphone shipments were also up by a quarter (25 per cent), hitting 118 million units.
“Revenue grew fast up through May,” Huawei Chairman Liang Hua told reporters at an earnings briefing. “Given the foundation we laid in the first half of the year, we continue to see growth even after we were added to the entity list. That’s not to say we don’t have difficulties ahead. We do, and they may affect the pace of our growth in the short term.”
Huawei has been facing the heat for months now, after the US labelled it a threat to national security and essentially banned its companies from doing business with it.
Last month, the company’s founder and CEO, Ren Zhengfei told the press that the blacklisting has had a much worse effect than originally anticipated. It could set the company back two years, as its 2020 revenue could be the same it was in 2018, at roughly $100 billion.
The blacklisting had, so far, cost the company roughly $30 billion in revenue.
Analysts believe that strong domestic sales, as well as new 5G carrier contracts, helped soften the blow.