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A Huawei store in Hangzhou, China on Dec. 12, 2019. Photo: Costfoto/Barcroft Media via Getty Images

Chinese telecom giant Huawei said Tuesday that its revenue reached $122 billion in 2019, setting a new record for the company even as it weathers a campaign by the Trump administration to block its global expansion, the Wall Street Journal reports.

Why it matters: Many U.S. officials fear that Huawei's telecom equipment could be used by China for surveillance, and that a 5G equipment market dominated by Huawei would give the authoritarian government in Beijing access to massive amounts of data. The company is just one flashpoint in the escalating U.S. confrontation with China.

The big picture: The Commerce Department placed Huawei on its "entity list" in May, blocking U.S. companies from providing the telecom with chips, software and other components over national security concerns.

  • In November, the Trump administration granted waivers to some U.S. companies to sell to Huawei. The blacklisting overall didn't prove to be as harmful as expected, as many U.S. companies assemble chips overseas, the WSJ notes.
  • Huawei had aimed for $130 billion in revenue in 2019, but lowered expectations in August to a sum closer to its 2018 mark — $105 billion. The company's estimated 2019 revenue of 850 billion Chinese yuan, or roughly $122 billion, is unaudited.

What's next: "Survival will be our first priority" in 2020, Huawei’s chairman, Eric Xu, told employees in a New Year's message. Xu expects Huawei to remain on the "entity list" and projects that next year will be difficult, with less rapid growth than the first half of 2019.

Go deeper: Why Huawei is the United States' 5G boogeyman

Go deeper

Updated 3 hours ago - World

In photos: Pope Francis spreads message of peace on first trip to Iraq

Pope Francis waving as he arrives near the ruins of the Syriac Catholic Church of the Immaculate Conception (al-Tahira-l-Kubra), in the old city of Iraq's northern Mosul on March 7. Photo: Vincenzo Pinto/AFP via Getty Images

Pope Francis was on Sunday visiting areas of northern Iraq once held by Islamic State militants.

Why it matters: This is the first-ever papal trip to Iraq. The purpose of Francis' four-day visit is largely intended to reassure the country's Christian minority, who were violently persecuted by ISIS, which controlled the region from 2014-2017.

Cuomo faces fresh misconduct allegations from former aides

New York Gov. Andrew Cuomo during a February press conference in New York City. Photo: Seth Wenig/Pool/AFP via Getty Images

The office of New York Gov. Andrew Cuomo (D) was on Saturday facing fresh accusations of misconduct against his staff, including further allegations of inappropriate behavior against two more women. His office denies the claims.

Driving the news: The Washington Post reported Cuomo allegedly embraced an aide when he led the U.S. Department of Housing and Urban Development and that two male staffers who worked for him in the governor's office accused him of routinely berating them "with explicit language."

In photos: Protesters rally for George Floyd ahead of Derek Chauvin's trial

Chaz Neal, a Redwing community activist, outside the Minnesota Governor's residence during a protest in support of George Floyd in St.Paul, Minnesota, on March 6. Photo: Kerem Yucel/AFP via Getty Images

Dozens of protesters were rallying outside the Minnesota governor's mansion in St Paul Saturday, urging justice for George Floyd ahead of former Minneapolis police officer Derek Chauvin's trial over the 46-year-old's death.

The big picture: Chauvin faces charges for second-degree murder and manslaughter over Floyd's death last May, which ignited massive nationwide and global protests against racism and for police reform. His trial is due to start this Monday, with jury selection procedures.