Chinese telecoms firm Huawei grew faster in 2023 than it has for four years, as it shrugged off the impact of US sanctions.
Revenues rose by nearly 10% to 704.2bn yuan (£77bn) as the Shenzhen-based company enjoyed a rebound within its consumer segment, which includes smartphone handsets. The performance meant Huawei defied the effect of sanctions imposed by the US in 2019, when Donald Trump’s White House accused the firm of being a security risk, something Huawei denies and later bu UK.
Despite these restrictions, last year marked the third consecutive year of growth for Huawei, which had reported a fall in revenues in 2021, when it exhausted its stocks of microchip reserves.
At a company event last year, Meng Wangzhou, Huawei’s chief financial officer and the daughter of the company founder, announced that Huawei was no longer in crisis mode.
“We’ve been through a lot over the past few years but through one challenge after another, we’ve managed to grow,” said Huawei’s chair, Ken Hu, on Friday.
Huawei’s net profit for 2023 rose by 144.5% to 87bn yuan, with the margin more than doubling on a year earlier to more than 12%.
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