Huawei's revenue rises 24.4% in first three quarters of 2019

SHENZHEN: Huawei Technologies, the Chinese technology giant blacklisted by the U.S. government, said revenue grew 24.4% in the first three quarters of 2019 to 610.8 billion yuan ($86 billion).

It shipped more than 185 million smartphones in the same period, up 26% year-on-year, a company statement said. It did not provide figures for the third quarter alone.

The company said in August that while the impact of U.S. trade restrictions will be less than initially feared, the curbs could push its smartphone unit’s revenue lower by about $10 billion this year.

The United States imposed export sanctions on Huawei in May, hobbling its smartphone business and raising questions over whether it can maintain its lead on the global telecoms equipment market, where it has a 28% share.

The European Union had also warned of the risk of increased cyber attacks to next-generation 5G mobile networks by state-backed entities despite the company’s denial of all allegations.

Huawei is the world’s biggest maker of telecom network equipment and the second-largest smartphone maker.

Huawei reported a 23.2% rise in first-half revenue in July.