Huawei Technologies’ device business, comprising mainly smartphones, made a 11 billion yuan ($1.55 billion) profit in the first half of this year — as much as it earned in all of 2018 — a rare regulatory filing showed.
The Chinese tech giant was put on a trade blacklist by the United States in May, which cut off its access to essential US components and technology. The ban stops US companies such as Alphabet’s Google from doing business with Huawei.
Analysts have said that the consumer business is the most vulnerable to Washington’s sanctions, with the main impact likely to be felt in the second half of the year.
Huawei said last month that, while the impact of the curbs was weaker than previously expected, it would still push the smartphone unit’s revenue lower by about $10 billion this year.
The company had so far disclosed annual profit figures for the entire company and the filing provide a rare window into the growing profit contribution from Huawei’s consumer business.
Huawei previously said smartphone shipments in the first half of the year jumped 24 per cent jump to 118 million units, as demand surged from patriotic Chinese buyers amid rising rhetoric in local media that Huawei was being treated unfairly by the United States.