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Huawei has managed to generate a 30% more revenue despite the United States (US) trade ban, which was imposed on the company a couple of months ago. As reported by Bloomberg, Huawei’s increased revenue is due to the fact that a few teams from the company managed to secure critical supplies and kept the production going despite US technology export restrictions.
The US previously placed Huawei on an export blacklist on the basis of national security issues, banning US suppliers from selling to the world’s largest telecommunications equipment maker and 2nd largest smartphone maker. But later after the meeting between the US and Chinese President, the US President Donald Trump lifted the ban and allowed companies to resume trade with the company.
Huawei’s 30% revenue growth in the first half is a slowdown from 39% which was in the first three months of 2019, but is slightly up from 2019, as Bloomberg said. The tech giant has so far managed to boost its revenue as it secured contracts for the fifth-generation (5G) networking components.
It is also reported by some news media outlets that the company has rewarded a number of employees for helping it to accelerate revenue despite a ban from the US. Huawei last month cut revenue expectations for the year, with its CEO and founder Ren Zhengfei saying that the company has taken a hard and unexpected hit from the US ban. But the 30% growth in revenue reveals that the tech giant is still on its way up.
Now with the ban lifted and according to the latest announcement from the company that they would continue using Android in their smartphone, the uncertainty which became the cause of low revenue will vanish. The tech giant is also going to launch its first 5G smartphone, the Huawei Mate 20 X 5G in select markets before the end of July.
Furthermore, the company has shown great interest in Pakistan’s market and the officials have announced that Huawei will invest $100 million in Pakistan this year to upgrade the technical support center of the company in Pakistani along with the establishment of regional headquarters in Islamabad. This presents a great opportunity for Pakistan to boost its Information and Communications Technology (ICT) sector and generate revenue through modern technology.
via Reuters
