The Russian cybersecurity company Kaspersky Lab reported on January 19 that its revenue increased 8 percent last year even though sales fell in North America as a result of a U.S. ban on use of its software in government computers.
The United States banned civilian and military agencies from using Kaspersky products in September, citing Kaspersky's ties to the Russian government and concern that the company's software might be exploited by Russian spy agencies.
Kaspersky has repeatedly rejected the accusations, saying it does not assist Russia or any other government's cyberespionage operations.
Kaspersky said its revenue totaled $698 million in 2017, up from $644 million in 2016 but slightly below a target of more than $700 million set by founder and Chief Executive Yevgeny Kaspersky in an interview with Reuters in October.
Sales in North America fell 8 percent over the year due to "geopolitical challenges and unsubstantiated allegations," Kaspersky said in a statement.
European sales also declined slightly, down 2 percent from 2016, but this was offset by strong results in Latin America, the Middle East, Asia, Africa, Japan, Russia, and other former Soviet states, Kaspersky said.
"Despite the difficult geopolitical situation, unsubstantiated accusations, and attempts to undermine our business, the company maintains positive dynamics," Kaspersky said.
Based on reporting by Reuters and TASS