Huawei says it will generate a record $122 billion in annual revenue despite US sanctions

• Huawei says it is likely to report a record annual revenue of $122 billion (850 billion yuan) for 2019.
• In a New Year's Eve message to employees, Huawei's rotating chairman Eric Xu reported the figure, which he said would represent an 18% increase on its annual revenue for 2018.
• The world's largest manufacturer of telecoms equipment has faced sanctions and heavy political criticism from the US during 2019. In May, the Trump administration blacklisted Huawei, which meant US companies had to obtain a special dispensation to trade with it.
• Xu also acknowledged the challenging business environment Huawei currently operates in, stating that "survival will be [Huawei's] first priority."
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Huawei says it is likely to report record annual revenue of $122 billion, defying US sanctions against it.

According to The Guardian, Huawei's rotating chairman Eric Xu reported the 850 billion yuan ($122 billion) figure in a New Year's Eve message to employees. Though the figure falls short of the $125 billion Huawei predicted back in January that it would generate in 2019, Xu said $122 billion would still represent an 18% increase on its annual revenue for 2018.

In May, Huawei was barred from conducting business with US firms after the US Commerce Department placed it on a so-called "Entity List." Companies on this list cannot trade with US firms unless those US firms obtain a special government license to do so.

The Trump administration has long maintained that Huawei poses a US national security threat as its equipment could be used for spying. Huawei, for its part, has always denied this accusation.

Although the US has granted Huawei a limited reprieve on a full trade ban until February, to give rural US networks time to move their mobile network equipment away from the Chinese firm, there is no reason to think the reprieve will be extended.

Referencing this issue, Xu reportedly said the US government was waging a "strategic and long-term" campaign against the firm, which would ultimately create a "challenging environment for Huawei to survive and thrive," adding that "survival will be our first priority."

One major consequence of US sanctions is the lack of Google apps on its latest smartphones. In September, Huawei's flagship Mate 30 series was forced to launch without any Google apps or services, which has seriously hampered the phone's marketability outside China.

Perhaps mindful of the long-term ramifications, Huawei has reportedly rewarded those staff who help it circumvent US sanctions with lavish bonuses.