Huawei says sales rose 18% in 2019 despite US pressure

BEIJING — Chinese telecom giant Huawei Technologies said Tuesday that its sales rose about 18 percent in 2019 despite U.S. moves to restrict its business.

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The estimate came in an annual New Year's message to employees from chairman Eric Xu. The letter predicted a difficult year in 2020, saying that the American pressure creates a challenging environment for Huawei to survive and thrive.

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The U.S. government says Huawei technology poses a security risk and has urged other countries not to buy its 5G mobile network equipment. Huawei denies the allegations.

The unlisted company estimated annual sales would top 850 billion yuan ($120 billion). Huawei, based in Shenzhen in southern China, typically releases its official and audited annual financial results in March.

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“These figures are lower than our initial projections, yet business remains solid and we stand strong in the face of adversity,” Xu said in the New Year's letter.