Huawei’s business continues to grow despite a sustained campaign by the U.S. government and some of its allies to cripple the Chinese vendor. The company today announced it generated $86.1 billion in revenue during the first three quarters of the year, representing a 24.4% increase year-over-year.

That puts the company well ahead of its previous guidance of $100 billion in annual revenue and diminishes a predicted $30 billion decline in revenue due to the myriad of challenges facing Huawei. The dire forecast, which Huawei CEO Ren Zhengfei blamed on restrictive measures imposed by the U.S. government, came just four months ago.

Huawei also shows no signs of weakness in 5G. The company says it has signed more than 60 commercial contracts for 5G with global operators and shipped more than 400,000 5G massive multiple-input, multiple-output (MIMO) antenna units.

At the end of the quarter, more than 700 cities, 228 Fortune Global 500 companies, and 58 Fortune Global 100 companies had selected Huawei for digital transformation efforts, according to the vendor. In China, Huawei predicts up to 800,000 5G base stations will be built by the end of 2020.

Ryan Ding, president of Huawei’s Carrier 5G division, during a keynote speech at the Global Mobile Broadband Forum in Zurich, said large-scale 5G rollout has materialized faster than expected. Those networks have been commercially launched by 40 carriers to date and 56 operators have built 5G networks, according to the vendor.

Echoing sentiments shared by global operators and other equipment vendors, Ding said services will be a major driver of industrial development in the coming years. “It will be a long process for 5G to enable industry digital transformation,” he said. “Carriers should develop new network capabilities, operational capabilities, and business models right now to embrace the B2B transformation.”

Huawei had a busy quarter by all measures. During the waning days of summer the vendor announced a $1.5 billion investment in its developer program, 43 new artificial intelligence (AI) cloud services, and a series of new processors.

In a bid to change negative perceptions of its business, Ren floated the idea of licensing the company’s 5G technology, including patents, to a company based in the West, but there’s been little interest or discussion of that effort since it was proposed last month.

Earlier this week, Germany formally declined to ban Huawei or any other vendors from participating in the design and buildout of 5G mobile networks.

The company also opened its first European 5G Joint Innovation Center with Swiss operator Sunrise to develop 5G application scenarios and expand the 5G ecosystem in Switzerland. Days later the companies announced they had jointly achieved the first commercial 5G three-dimensional network in Europe. More than 300 Swiss cities and towns are now covered by Sunrise’s 5G network, according to Huawei.

Without addressing moves by the U.S. government that has prompted multiple companies to halt business with the vendor, Huawei also said the production and supply of optical transmission, data communications, and IT products grew steadily during the quarter.