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Huawei's profit more than doubles in 2023, sales up 9.6% as cloud and digital businesses grow

Economic TimesEconomic Times · 7m
Huawei's profit more than doubles in 2023, sales up 9.6% as cloud and digital businesses grow

Chinese telecoms company Huawei Technologies reported a net profit of 87 billion yuan ($12 billion) for last year, more than double from the previous year, despite facing US sanctions. The profit increase was attributed to strong sales and growth in its cloud and digital businesses. Huawei's revenue also rose by nearly 10% to 704.2 billion yuan ($97.4 billion). The company has been affected by tensions between China and the US over technology and security, with the US banning companies from conducting business with Huawei. Nevertheless, Huawei has focused on cloud computing and digital services, with revenue from its cloud computing business growing significantly. The company's consumer unit, which sells smartphones, also experienced a revenue increase.

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