Chinese tech giant Huawei says profits more than doubled in 2023
The Peninsula
Beijing: Chinese tech giant Huawei said on Friday its profits more than doubled in 2023, as it ramps up efforts to bounce back in a year that saw the...
Beijing: Chinese tech giant Huawei said on Friday its profits more than doubled in 2023, as it ramps up efforts to bounce back in a year that saw the company apparently defy US sanctions with the release of a high-end smartphone.
The Shenzhen-based company has been at the centre of an intense standoff between China and the United States -- Washington has warned that its equipment could be used for espionage by the Chinese government, an allegation Huawei denies.
Sanctions since 2019 have cut the firm's access to US-made components and technologies, forcing it to diversify its growth strategy.
Huawei said it generated a profit of 87 billion yuan ($12 billion) last year, more than double 2022's 35.6 billion yuan but short of its record 113.7 billion yuan profit in 2021.
Revenues also surged by 9.6 percent to 704.2 billion yuan.
