Huawei is likely to achieve revenue growth of roughly 30 percent during the first half of 2019 after select teams secured critical supplies to keep production going despite U.S. technology export restrictions, Bloomberg reported.
The black-listing of Huawei did not reflect in the company’s financial performance because the development started in May.
Huawei will release the financial result officially on July 30. Huawei, which reports earnings in part for the benefit of bond investors, posted revenue of around $27 billion from January to March, versus 721 billion yuan ($105 billion) in 2018.
Earlier, Huawei founder and CEO Ren Zhengfei revealed that the company’s revenue will not be reaching $135 billion in the next two years and its revenue will be below $100 billion in 2019.
Huawei last year said it makes more revenue from its smartphone business than network business.
The US has put a ban on the supply of technology and services from US-based companies to Huawei. China-based Huawei rely on US technology companies such as Qualcomm, Intel, Micron, Broadcom, among others, for developing their telecom network. Huawei is the #1 telecom network maker and #3 smartphone vendor in the world.
Huawei is pulling out all the stops right now to boost sales, assigning as many as 10,000 developers across three shifts a day to work on alternatives to American software and circuitry. It has thus far managed to boost revenue by aggressively securing contracts for 5G networking equipment, the report said.
Huawei is unable to sell certain 5G products to lucrative markets such as United States, Japan, New Zealand and Australia.
The company is boosting internal morale, granting awards to a number of employees for helping it avert an immediate crisis. The recipients were mainly responsible for hoarding components ahead of the ban, identifying replacements for American parts or negotiating with suppliers to keep up the flow of materials.