(Reuters) – Huawei Technologies Co Ltd’s revenue grew roughly 30% in the first half after select teams secured critical supplies to keep production going despite U.S. technology export restrictions, Bloomberg reported on Tuesday, citing people familiar with the matter.
The United States has put Huawei on an export blacklist citing national security issues, barring U.S. suppliers from selling to the world’s largest telecommunications equipment maker and No.2 maker of smartphones, without special approval.
Huawei’s revenue growth of 30% in the first half is a slowdown from 39% in first three months of 2019, but is up sharply from 2018, Bloomberg said.
Huawei has so far managed to boost revenue by aggressively securing contracts for fifth-generation networking equipment, Bloomberg said.
The company is said to have rewarded a number of employees for helping it accelerate revenue despite U.S. ban, Bloomberg added.
Huawei declined to comment on the Bloomberg report.
Huawei last month cut revenue expectations for the year, with its founder and CEO Ren Zhengfei saying the company had taken a harder-than-expected hit from the U.S. ban.
The firm has denied its products pose a security threat.
Reporting by Bhargav Acharya in Bengaluru and Sijia Jiang in Hong Kong. Editing by Jane Merriman