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

Chinese telecoms gear company Huawei Technologies has reported its profit more than doubled last year as its cloud and digital businesses thrived in spite of U.S. sanctions. The Shenzhen-based company reported a net profit of $12 billion, helped by strong sales and an improved product portfolio. Revenue jumped nearly 10% compared to a year earlier. Huawei’s rotating chairman Ken Hu said the company’s figures were in line with forecasts. One of China’s first global tech brands, Huawei has been caught up in China-U.S. tensions over technology and security. The U.S. has imposed sanctions on the company, saying its products and services pose a risk to national security.