Revenue growth at Chinese technology group Huawei slowed during the third quarter in the face of new US sanctions and the global economic downturn prompted by the coronavirus pandemic.

Huawei said on Friday that revenues in the first nine months of the year were Rmb671.3bn ($100.5bn). That translates into a 3.7 per cent year-on-year increase in the July to September period, a drop from the 27 per cent growth recorded in the third quarter of 2019. The company had a compound annual revenue growth rate of 21 per cent for the past five full years.

The slowdown comes as the Trump administration has tightened its chokehold on Huawei. US sanctions that took effect from mid-September forced companies worldwide to obtain licences to sell American-made technologies to Huawei, largely cutting it off from its chip suppliers.