Huawei first-half revenue up about 30pc despite US ban

Huawei Technologies Co Ltd’s revenue grew roughly 30pc in the first half after select teams secured critical supplies to keep production going despite US technology export restrictions, Bloomberg reported on Tuesday, citing people familiar with the matter.

The United States has put Huawei on an export blacklist citing national security issues, barring US suppliers from selling to the world’s largest telecommunications equipment maker and No.2 maker of smartphones, without special approval.

Huawei’s revenue growth of 30pc in the first half is a slowdown from 39pc in the first three months of 2019, but is up sharply from 2018, Bloomberg said.

Huawei has so far managed to boost revenue by aggressively securing contracts for fifth-generation networking equipment.

The company is said to have rewarded a number of employees for helping it accelerate revenue despite US ban.

Huawei declined to comment on the Bloomberg report.

Huawei last month cut revenue expectations for the year, with its founder and CEO Ren Zhengfei saying the company had taken a harder-than-expected hit from the US ban.

The firm has denied its products pose a security threat.