Huawei revenue grows by 30% despite US restrictions
Huawei Technologies quickened revenue growth to roughly 30 percent in the first half after select teams secured critical supplies to keep production going despite US technology export restrictions, people familiar with the matter said.
Two months into a Trump-administration ban that cut Huawei off from US suppliers, China’s largest technology company is starting to feel the pinch. Still, while revenue growth of 30 percent marks a slowdown from 39 percent in 2019’s first three months, it was up sharply from 2018, the people said, asking not to be identified for discussing a private matter. Executives told staff they were relieved it hadn't been worse, one of the people said.
The question is how long Huawei can keep up that momentum as the curbs begin to weigh. Huawei is pulling out all the stops right now to boost sales, assigning as many as 10000 developers across three shifts a day to work on alternatives to US software and circuitry.
It has thus far managed to boost revenue by aggressively securing contracts for fifth-generation networking equipment, the people said. Meanwhile, the company is boosting internal morale, granting awards to a number of employees for helping it avert an immediate crisis.