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 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 12,772,755 — Total deaths: 566,036 — Total recoveries — 7,030,749Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 3,269,531 — Total deaths: 134,898 — Total recoveries: 995,576 — Total tested: 39,553,395Map.
  3. Politics: Trump wears face mask in public for first time.
  4. States: Florida smashes single-day record for new coronavirus cases with over 15,000.
  5. Public health: Trump's coronavirus testing czar says lockdowns in hotspots "should be on the table" — We're losing the war on the coronavirus.
  6. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."
2 hours ago - Health

Florida smashes single-day record for new coronavirus cases

Data: Covid Tracking Project; Chart: Axios Visuals

Florida reported 15,299 confirmed coronavirus cases on Sunday — a new single-day record for any state, according to its health department.

The big picture: The figure shatters both Florida's previous record of 11,458 new cases and the single-state record of 11,694 set by California last week, according to AP. It also surpasses New York's daily peak of 11,571 new cases in April, and comes just a day after Disney World reopened in Orlando.

Pelosi: Trump is "messing with the health of our children" with push to open schools

House Speaker Nancy Pelosi said on CNN's "State of the Union" Sunday that Education Secretary Betsy DeVos' aggressive push to fully reopen schools this fall is "malfeasance and dereliction of duty," accusing the Trump administration of "messing with the health of our children."

Why it matters: Trump has demanded that schools reopen as part of his efforts to juice the economy by allowing parents to return to work, despite caution from health officials that little is known about how the virus impacts children.