Huawei Increases Revenue Despite US Sanctions
Despite the sanctions on Huawei, the Chinese manufacturer of smartphones and telecommunications equipment continues to increase revenues, the company announced this on Wednesday, October 16. Huawei raised 610.8 billion yuan (about 86 billion US dollars) in the first three quarters of 2019, which is 24.4% more compared to the same period last year. The company shipped more than 185 million smartphones over the same period, which is 26% more than a year ago. Huawei also announced the 60 commercial contracts for the supply of 5G equipment in different countries. The company delivered more than 400 thousand corresponding base stations to telecom operators. Having such financial results, Huawei wants to show that US sanctions have not yet affected the company's earnings. However, the company founder and CEO Ren Zhengfei said that the impact of sanctions on Huawei will last about two to three years. Huawei has been included in the U.S. Department of Commerce Entity List since May 2019, members of this list are prohibited from buying parts and components from U.S. manufacturers without special approval from the U.S. government. According to unconfirmed information, the US President Donald Trump administration plans to begin issuing licenses for a number of US companies for the supply of Huawei products that do not affect the national security of the United States in soon time. Licenses are meant to be a goodwill gesture that can stimulate trade and economic negotiations between the United States and China.