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Sunday, Aug 18, 2019

Trump has succeeded. Lots of people in China are now buying Huawei phones

Huawei sales grow 23% despite US restrictions on its business. Sales jumped to more than $58 billion in the first six months of this year, boosted by growth in the Chinese tech firm's smartphone business and an uptick in 5G network contracts, it said Tuesday.

The Shenzhen-based company said that revenue for the first half of 2019 jumped by about 23% compared to the same period last year.

Huawei sells more telecommunications equipment than any other company in the world, and is a leading smartphone brand that competes with the likes of Samsung (SSNLF) and Apple (AAPL).

The company's latest earnings report comes more than two months after the US imposed new restrictions on the Chinese firm. Washington placed Huawei on a trade blacklist on May 16, barring American companies from selling it software and components without a license.

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