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Huawei's Remarkable Rebound: Profits Double Despite US Sanctions

1 min read
Source: Reuters
Huawei's Remarkable Rebound: Profits Double Despite US Sanctions
Photo: Reuters
TL;DR

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.

Topics:businessbusinesstech#businesstech#china#consumer-business#earnings-growth#huawei#smart-car-components
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  1. China's Huawei continues rebound with strongest earnings growth since 2019  Reuters
  2. Huawei Bounces Back From U.S. Sanctions as Profit Doubles  The Wall Street Journal
  3. Huawei's profit doubled in 2023 as smartphone, autos business picked up  CNBC
  4. Huawei shrugs off US sanctions with fastest growth in four years  The Guardian
  5. Huawei Profit Surges as It Takes Share From Apple and Alibaba  Bloomberg

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