Chinese telecoms firm Huawei saw a sharp jump in revenue in the first half of the year but warned of “difficulties ahead”.
In a report, the BBC said the US blacklisted the firm in May, restricting its ability to trade with US companies.
Company revenue jumped 23% in the first half of the year versus a year ago, while smartphone shipments surged 24%.
Huawei has been under global scrutiny for allegedly posing a security risk – a claim it rejects.
Several countries have raised concerns that Huawei equipment could be used by China for surveillance, although the company has vehemently denied the allegations.