Chinese telecommunications giant Huawei Technologies reported a 9.6 increase in its profits during the year 2023, with its earnings more than doubling, despite the company facing difficulties caused by sanctions imposed by the United States.
In their financial report, the company's net profit soared to 87 billion yuan ($12 billion), bolstered by strong sales and notable growth in its cloud and digital sectors, contributing to a nearly 10% increase in revenue, which reached 704.2 billion yuan ($97.4 billion).
Huawei's success comes amid ongoing tensions between China and the United States over technology and security concerns. The U.S. has imposed bans on American companies conducting business with Huawei.
The Biden administration is even considering blacklisting the entire Huawei-linked chipmakers, per VCPost.
In return, AP News found that Huawei has strategically shifted its focus toward cloud computing services and digital initiatives, which later became a strategic move that has led to substantial revenue growth in these specific areas for the company.
Moreover, Huawei's section dealing with consumer products saw a big increase in profits because of people buying Huawei phones and other gadgets. The company's commitment to creating new things is shown by how much money it spent on research and development, which was a huge 164.7 billion yuan (or $22.8 billion) in 2023 alone. This amount is almost a quarter of all the money Huawei made that year.
Now, with a workforce of over 207,000 employees, over half of whom are dedicated to research and development, Huawei has remained a key player in both China and overseas locations.
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