HUAWEI'S PROFIT MORE THAN DOUBLES IN 2023, SALES UP 9.6% AS CLOUD AND DIGITAL BUSINESSES GROW

Chinese telecoms gear company Huawei Technologies has reported its profit more than doubled last year as its cloud and digital businesses thrived in spite of U.S. sanctions.

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The Shenzhen-based company reported a net profit of 87 billion yuan ($12 billion), helped by strong sales and an improved product portfolio. Revenue jumped nearly 10% from a year earlier, to 704.2 billion yuan ($97.4 billion).

Huawei’s rotating chairman Ken Hu said the company’s figures were in line with forecasts.

“We’ve been through a lot over the past few years. But through one challenge after another, we’ve managed to grow,” Hu said.

Huawei also said it profited from “gains from the sales of some businesses.” It did not specify which businesses were sold.

Huawei, one of China’s first global tech brands, has been caught up in China-U.S. tensions over technology and security.