Huawei's Remarkable Rebound: Profits Double Despite US Sanctions
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.