Huawei posts revenue growth despite coronavirus
The company reported a 13% year-over-year revenue growth in the first half of 2020
Stocks impacted: Huawei Culture Co Ltd (002502)
The Chinese technology company’s revenue rose 13.1% to 454 billion yuan (US$64.90 billion) in the first half of the year, compared to 401.3 billion yuan the year before. At that, the firm’s growth rate was down from 23.2% in the first half 2019. Still, Huawei managed to post growth despite the coronavirus pandemic and the increased pressure from American officials that placed the giant on a blacklist in May of last year, restricting sales to the company of US-made goods such as semiconductors. Furthermore, the U.K. is scheduled to phase out Huawei gear in its 5G network as soon as this year. Prime Minister Boris Johnson is set to ban Huawei from Britain's 5G network today.
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