What are the main factors behind the 23.2% increase in Huawei's revenue?

[Dan Smith]

[Kyle Rodgers]

Today, Huawei Technologies reported revenue growth of 23.2% for the first half of the year, faster than the same period last year, amid extraordinary tensions with the US which ultimately resulted in a trade ban. The Chinese technology giant said the revenue in the first half climbed to 401.3 billion yuan ($58.28bn), compared with the 325.7 billion in the year-ago period, as smartphone shipments advanced 24% hitting 118 million units. “Revenue grew fast up through May,” said Huawei Chairman Liang Hua. “Given the foundation, we laid in the first half of the year, we continue to see the growth even after we were added to the entity list. That’s not to say we don’t have difficulties ahead. We do, and they may affect the pace of our growth in the short term.” However, the company said that the impact of the blacklisting was worse than expected, with analysts saying that good sales performance in China and new 5G carrier contracts have overshadowed the impact.