Huawei's revenue jumps 27% despite trade tensions between US and China

• Huawei's third-quarter revenue jumped 27%, led by a surge in smartphones sales.
• The company was banned by the U.S. in May from doing business with American companies, but was granted a reprieve until November.
• Next month the company will lose access to some technology, which is expected to hammer its business.

Richard Yu, chief executive officer of Huawei Technologies Co., presents the P30 series smartphone during a Huawei Technologies Co. launch event in Paris, France, on Tuesday, March 26, 2019.

Marlene Awaad | Bloomberg | Getty Images

Huawei's third-quarter revenue jumped 27%, driven by a surge in shipments of smartphones launched before a trade blacklisting by the United States that is expected to hammer its business.

Huawei, the world's biggest maker of telecom network equipment and the No. 2 manufacturer of smartphones, was all but banned by the United States in May from doing business with American companies, significantly disrupting its ability to source key parts.

The company has been granted a reprieve until November, meaning it will lose access to some technology next month. Huawei has so far mainly sold smartphones that were launched before the ban.