Data

Huawei grows despite US ban

Updated : August 02, 2019 11:19 AM IST

The scandal around Chinese smartphone maker Huawei has caused doubt around Chinese companies in international collaborations. But so far, it looks as if it hasn't stopped Huawei from growing its business. According to the company's 2019 Q2 financial report released today, it surpassed 400 billion yuan (US$58.3 billion) in revenue for the first half of 2019. It is only the second time that unlisted Huawei has released quarterly results. Yet, the company said that it was able to grow its revenue by 23.2 percent compared to the first half of 2018.

Huawei was also able to further grow its market share throughout the consolidation of the Chinese smartphone market that has been decreasing in volume since 2016 and had arrived at a staggering 38 percent of Chinese market share at the end of June.

The United States Justice Department unsealed a case against the smartphone maker in January, which left the reputation of China’s rising tech star tarnished and ultimately led to the US and several other countries banning Huawei technology from 5G network upgrades. The case against the company includes a slew of allegations including the stealing of trade secrets from competitor T-Mobile and skirting US sanctions against Iran.

Source: Statista

Huawei grows despite US ban

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