China's top tech company Huawei posted revenue growth of around 23 percent during the first half of this year despite the U.S. ban that came in May. The firm said growth was achieved by increased interest in the company's 5G projects as well as smartphone sales.
According to CNN, Huawei said on Tuesday in its first-half report that sales hit over $58 billion in H1, completely shutting down talks that the company is going down amid the United States' blacklisting move.
"Our core products have not been significantly affected," Huawei Chairman, Liang Hua, said. He explained that while being cut off from doing business with American firms did have an impact on the firm's development, the risks and consequences are still within control.
Aside from providing details about its overall revenue for the first six months of 2019, the company also revealed that the networking equipment unit made 146.5 billion yuan in sales revenue despite U.S. restrictions.
Huawei is the biggest provider of telecommunications tools and devices. Many industry analysts believe the company is bound to make a massive name for itself in the global tech sector in the near future.
Some experts also pointed out that the company's H1 revenue growth could be an answer to the White House's continued scrutiny. The U.S. administration under President Donald Trump has repeatedly accused the firm of posing security risks. Huawei has denied the claims.
Huawei's H1 report came before global marketing and research firm Canalys unveils a detailed report of its analysis on the Chinese tech behemoth's increasing dominance in the market.
Earlier on Tuesday, Canalys said Huawei has taken the highest market share in China for any smartphone provider. The research firm said China's leading tech company expanded its shipments figures by 31 percent year-on-year. The numbers are the highest yet in eight years.
While the U.S. blanket ban caused uncertainties for the company in the global stage, Huawei apparently continues to dominate home turf. This is especially propelled by Chinese consumers' natural grip on nationality.
Canalys analyst Mo Jia noted that in China, the company has leveraged on the Chinese masses' deep love for the country as the China-U.S. trade war ensures. Huawei has also gained the sympathy of many consumers whose purchasing decisions are based on emotional factors and patriotism.
Mo further noted that this is the first time in Huawei's history that it decided to give CEO and Founder Ren Zhengfei more "air time." Ren has been more open to interviews ever since the company was put in the center of Washington's microscope.
