Huawei earnings up significantly despite sanctions
Chinese telecommunications giant Huawei grew significantly last year despite US technology sanctions.
Business with private customer, in cloud computing and in the automotive sector all increased significantly.
"We've been through a lot over the past few years. But through one challenge after another, we've managed to grow," said chairman Ken Hu in Shenzhen on Friday, according to a statement.
In total, the southern Chinese company generated about $97.8 billion in revenue - an increase of 9.63% compared to the previous year, the group reported.
Net profit rose by more than 140% to about $12 billion. The company's performance was in line with expectations, Hu said.
The private customer business grew by 17.3%. In the late summer of 2023, the Chinese company's Mate 60 smartphone made headlines because it contained a chip that the Chinese had not previously been trusted with, due to existing US technology sanctions.
The device gave Apple's iPhone a run for its money in China. In the first six weeks of this year, iPhone sales there fell by 24% compared to the same period last year, while Huawei's sales rose by 64%, the analysis firm Counterpoint Research reported at the beginning of March.
Huawei also supplies the software for e-cars in China and this automotive segment brought in the equivalent of just under $652 million in 2023. This segment grew at the fastest at 128.1%, albeit from a lower base.
The cloud business, which includes artificial intelligence, also generated almost 22% more revenue.
In the traditionally highest-revenue business - in information and communication technology - Huawei generated some $50 billion.
