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Huawei Technologies posts 23% first-half revenue growth amid U.S. sanctions

Huawei Technologies posts 23% first-half revenue growth amid U.S. sanctions
FILE PHOTO: Workers sit at the Huawei stand at the Mobile Expo in Bangkok, Thailand May 31, 2019. REUTERS/Jorge Silva/File Photo -
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Jorge Silva(Reuters)
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HONGKONG (Reuters) – China’s Huawei Technologies said on Tuesday revenue in the first half of the year grew 23.2% – faster than a year ago – despite an intense U.S. campaign against it that ultimately became a trade ban from mid-May.

Unlisted Huawei, which only started disclosing quarterly results this year, said revenue in the first half rose to 401.3 billion yuan (£47.86 billion) from 325.7 billion a year ago, with smartphone shipments reaching 118 million units, up 24%.

Huawei’s supply chain was significantly disrupted when it was put on a trade blacklist by Washington in mid-May. The U.S. government alleges it is a national security risk as its equipment could be used by Beijing to spy, which Huawei has repeatedly denied.

(Reporting by Sijia Jiang; Additional Reporting by Brenda Goh in SHANGHAI; Editing by Muralikumar Anantharaman)

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