Huawei's Remarkable Rebound: Profits Double Despite US Sanctions
TL;DR Summary
Despite facing U.S. sanctions since 2019, Huawei Technologies experienced its fastest growth in four years in 2023, with a 9.63% revenue increase to 704.2 billion yuan ($97.48 billion). The consumer business, including its handset segment, contributed significantly to this growth, with a 17.3% increase. The company's net profit also rose by 144.5% to 87 billion yuan, with the smart car software and components business seeing a notable 128.1% growth. This rebound reflects Huawei's recovery from U.S. restrictions and its successful expansion into new business areas like smart car technology.
- China's Huawei continues rebound with strongest earnings growth since 2019 Reuters
- Huawei Bounces Back From U.S. Sanctions as Profit Doubles The Wall Street Journal
- Huawei's profit doubled in 2023 as smartphone, autos business picked up CNBC
- Huawei shrugs off US sanctions with fastest growth in four years The Guardian
- Huawei Profit Surges as It Takes Share From Apple and Alibaba Bloomberg
Reading Insights
Total Reads
0
Unique Readers
0
Time Saved
2 min
vs 3 min read
Condensed
81%
465 → 89 words
Want the full story? Read the original article
Read on Reuters