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Huawei’s profits more than doubled in 2023 and sales increased 9.6% thanks to growth in cloud and digital businesses.

Chinese telecommunications equipment company Huawei Technologies reported his profit more than doubled last year as its cloud and digital businesses thrived despite American sanctions. The Shenzhen-based company reported net profit of 87 billion yuan ($12 billion), driven by strong sales and an improved product portfolio. Revenue jumped nearly 10 percent from a year earlier, to 704.2 billion yuan ($97.4 billion).

Huawei’s rotating chairman, Ken Hu, said the company’s numbers were in line with forecasts.

“We have been through a lot in recent years. But through one challenge after another, we have managed to grow,” Hu said.

Huawei also said it had benefited from “gains from sales of certain activities”. He did not specify which companies were sold.

Huawei, one of China’s leading global technology brands, has been caught up in Sino-US tensions over technology and security.

The United States has banned American companies from doing business with Huawei, cutting off its access to computer chips and software such as Google services for its smartphones and preventing it from selling its telecommunications equipment to American customers. Washington says Huawei poses a threat to US national security. Huawei denies it. Huawei has refocused its activity on cloud computing services and help industries transition to more digital operations.

Revenue from its cloud computing business grew nearly 22% year-on-year in 2023 to 55.3 billion yuan ($7.7 billion). Sales at its digital energy business rose 3.5 percent. Its sales related to automotive services more than doubled. GSP

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