BEIJING, March 29 — Chinese telecom giant Huawei today said its profits more than doubled in 2023, a year that saw the company defy US sanctions with the release of a high-end smartphone.
Last year, the Shenzhen-based firm generated a profit of 87 billion yuan (RM56 billion), more than double 2022’s 35.6 billion yuan but short of its record profit of 113.7 billion yuan in 2021.
Revenues also surged by 9.6 per cent.
“We’ve been through a lot over the past few years,” Rotating Chairman Ken Hu said. “But through one challenge after another, we’ve managed to grow.”
Huawei has been at the centre of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage, an allegation the company denies.
Sanctions since 2019 have cut Huawei’s access to US-made components and technologies, forcing it to diversify. — AFP
