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Huawei sales grow 23% despite US restrictions on its business

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Huawei sales
Huawei revenue jumps 23 percent despite US crackdown

Huawei is still growing despite a continued US campaign aimed at crimping its global reach.

Huawei Sales:

Sales jumped to more than $58 billion in the first six months of this year, boosted by growth in the Chinese tech firm’s smartphone business and an uptick in 5G network contracts, it said Tuesday.

The Shenzhen-based company said that revenue for the first half of 2019 jumped by about 23% compared to the same period last year.

Huawei sells more telecommunications equipment than any other company in the world, and is a leading smartphone brand that competes with the likes of Samsung (SSNLF) and Apple(AAPL).

Challenges faces Huawei chairman:

Huawei chairman Liang Hua said Tuesday that operations are smooth despite the US restrictions, adding that their “core products have not been significantly affected.”

The trade blacklist “has had some impact on our development.

But the scope and extent of the impact is controllable,” he told reporters in Shenzhen.

He added that cash flow was positive through the first six months of the year.

The company expects to be able to use its cash to sustain “long-term development.”

“Objectively we still face difficulties ahead,” Liang said. “In the second half [of this year] and next year, we’ll still face these difficulties.”

The embattled Chinese tech firm has become a flashpoint in the US-China trade war.

United States position:

Even before the trade blacklist

The United States had been leading an effort to curb Huawei’s ambitions to become the global leader of next generation wireless technology, or 5G.

Washington has been urging allies to restrict or ban the use of Huawei equipment in their 5G networks, alleging Beijing could use the company’s products to spy on other nations.

Huawei denies that any of its products pose a national security risk.

And while Huawei’s smartphone sales are growing — they were up 24% to 220.8 billion yuan ($32 billion) over the first half of 2019 — Liang said the company has lost ground in markets outside of China.

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