HONG KONG—Huawei Technologies Co. said its revenue rose to a record $122 billion this year, showing the Chinese tech giant’s continued rise despite the Trump administration’s campaign to curtail its global business.

The pace of growth was slightly slower than expected, said Eric Xu, Huawei’s chairman, predicting more challenges in 2020 and saying the company doesn’t expect to be removed from a U.S. blacklist that has cut it off from certain U.S. technologies.

“We...