Chinese Huawei Beats Trump's Ban, Makes a $58.3 Billion Profit

China's tech company Huawei made a profit of US$58.3 billion, which means it billed 23.2 percent more in the first half of 2019 despite the veto imposed on its products by the U.S. President Donald Trump.

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In the first six months, Huawei sold 118 million smartphones, an increase of 24 percent over the previous year which provides the Chinese company with more than 500 million users worldwide.

The veto for supposedly being a U.S. national security threat "has had some impact on our development, but its scope and extent are controllable," the Huawei president Liang Hua said at a press conference in Shenzhen, the Chinese high-tech city where the company has its headquarters.

The effect of including Huawei in the U.S. blacklist has been controlled thanks to the cumulative number of customers, explained the CEO, who was also optimistic about the results the company will obtain til Dec.

"We work hard to ensure our survival, it is our top priority. At the same time, we will continue to invest in our future," he said, adding that Huawei will invest US$17.4 billion in research and development (R&D) until the end of the year.

The Chinese company also made public that its net profit margin stood at 8.7 percent until June as tablet shipments rose 10 percent, computer sales tripled and businesses with "wearable technology" doubled.

At the end of June, Huawei became the main target of Trump's trade war against China after Washington prohibited it from selling its equipment to U.S. firms. This unilateral economic sanction was executed because the Chinese company and its 5G technology supposedly represent threats to U.S. national security.

Huawei has since been given a three-month reprieve till August 19, and Trump signaled Washington would be relaxing its sanctions, though details are unknown.

Despite this, Huawei has won fifty big contracts for 5G networks and has sold more than 150,000 base stations worldwide so far.