Huawei exceeds US sanctions with the fastest growth in 4 years

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The United States in 2019 imposed restrictions on Huawei’s access to American technology and accused the company of posing a security threat, something Huawei denies.

Registered company Huawei Chinese Technologies through 2023Its fastest growth in four years, amid a recovery in the consumer sector and income from new businesses such as smart car components, which has accelerated its recovery from US sanctions.

Revenue rose 9.63 percent from a year earlier to 704.2 billion yuan ($97.48 billion), with the consumer business contributing significantly to the figure by growing 17.3 percent to 251.49 billion yuan.

In 2019, the United States imposed restrictions on Huawei’s access to American technology and accused the company of posing a security threat, which Huawei denies.

Last year was the company’s third consecutive year of growth after revenues fell by about a third in 2021 when the company began to exhaust its chip reserves, but revenues are still below its peak recorded in 2020 of 891.3 billion yuan.

In a press statement, Ken Ho, the company’s regular president, said that the results were in line with expectations.

“We have been through a lot over the past few years,” he said. But we overcame one challenge after another and were able to grow.”

Net profit in 2023 rose by 144.5 percent to 87 billion yuan.

Huawei’s smart car software and components segment, which began about four years ago, also witnessed significant growth, albeit due to a lower comparison basis, with an increase of 128.1 percent year on year to 4.7 billion yuan.