China's Huawei Technologies saw its fastest growth in four years in 2023, with a rebound in its consumer segment and income from new businesses like smart car components accelerating its recovery from U.S. sanctions. While Huawei did not break down the consumer figure, the segment includes its handset business, which saw a renaissance last year as the company returned to the mainstream 5G smartphones market with the Mate 60, apparently overcoming U.S. restrictions. From 2019, the U.S. has restricted Huawei's access to U.S. technology, accusing the company of being a security risk, which Huawei denies.
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. Revenues from its cloud computing business grew almost 22% year-on-year in 2023 to 55.3 billion yuan ($7.7 billion).
New government data shows corporate profits rose to an all-time high at the end of 2023, providing new ammunition for Democrats who want to refocus voter anger around price increases toward Wall Street.
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