Why it matters: With Huawei still on a US export blacklist, one might expect its bottom line to be suffering, but it seems that isn't the case. The Chinese tech giant's latest financial report shows its revenue has increased 24.4 percent during the last three quarters of the fiscal year, while smartphone shipments are also up.

Huawei brought in $86.1 billion of revenue between January and September this year, as smartphone shipments jumped 26 percent in the first three quarters to 185 million units. All this is despite the US Commerce Department adding the company to an Entity List in May - over alleged security concerns - that prohibits US companies from doing business with the firm.

Huawei said it expected US export restrictions to reduce its annual revenue by around $10 billion, especially with Google no longer able to provide Android updates and apps for its latest phones. But it appears the company isn't feeling the effects - yet.

"In the consumer business, Huawei's smartphone business has grown steadily," wrote Huawei. "The company also saw rapid growth in other new businesses like PCs, tablets, wearables, and smart audio products."

One of the US government's biggest issues with Huawei is the use of its equipment in 5G networks. America has previously threatened to cut intelligence ties with Germany and the UK if they use Huawei's 5G tech, but again, this isn't affecting its business. The company says it has signed more than 60 5G commercial contracts to date worldwide and shipped more than 400,000 5G Massive MIMO active antenna units (AAUs) to global markets.

Back in June, Huawei announced it had signed a deal with Russian telecoms firm MTS to develop fifth-generation wireless networks in the country.

While the outlook appears rosy for Huawei, its chairman, Liang Hua, has warned that even with increased phone sales, it's "not to say we don't have difficulties ahead. We do, and they may affect the pace of our growth in the short term."