U.S. restrictions slow Huawei growth streak

Despite everything, Huawei is still turning out new products.

Late Thursday (October 22) the Chinese firm launched its latest flagship handset, the Mate 40 Pro.

A day later it said revenues over the first nine-months of the year hit just over 100 billion dollars.

Reuters calculations show that means growth of 3.7% in the third quarter.

But U.S. export restrictions do seem to be biting.

The latest growth marks a slowdown from double-digit rates in previous quarters.

Profit margins also declined.

Now Huawei will soon stop making its high-end Kirin chips as U.S. restrictions on supplying the firm take effect.

Analysts expect its stockpile of the chips to run out next year.

That has prompted Chinese shoppers to rush to buy the company’s flagship phones while they still can.

Overseas sales have been sluggish though, partly due to restrictions on Huawei’s use of Google apps.

Last week Reuters reported that the firm may now sell its budget Honor brand to raise cash and focus on higher-end models.

And international pressure on Huawei only seems to be growing.

This week Sweden became the latest country to ban use of the company’s gear in its 5G networks.