"Huawei announced its business results for the first half of 2020 today. The company generated CNY454 billion in revenue during this period, a 13.1 percent increase year-on-year, with a net profit margin of 9.2 percent," the tech giant said in a statement.
The latest results indicate that the company experienced significant growth in the second quarter of the year, given that Huawei’s first quarter year-on-year revenue growth was just 1.4 percent, according to data released by the firm in April.
This growth has taken place despite tightening US sanctions on the Chinese tech leader. In May, the Trump administration imposed further sanctions on Huawei in an attempt to limit the company’s access to semiconductors manufactured with US equipment.
These measures prompted the UK government to reassess an earlier decision to allow Huawei to participate in the development of non-sensitive parts of the country’s 5G grid.
The Chinese firm’s use of new equipment as a result of the sanctions has seen the UK National Cyber Security Centre (NCSC) claim that it will no longer be able to manage the risks posed by Huawei’s involvement in the network.