Source: AFP
Chinese tech giant Huawei said on Friday it had “weathered the storm” of US sanctions as it announced a nearly nine percent increase in revenue in 2023, a year that shocked Washington with the launch of a high-end smartphone.
The Shenzhen-based giant has been at the center of a heated standoff between China and the United States, with Washington warning that its equipment could be used for state espionage, a claim the company denies.
Sanctions since 2019 have cut off the company’s access to US manufacturing components and technologies, forcing it to diversify its sources of growth.
“After years of hard work, we have weathered the storm,” acting chairman Ken Hu said in New Year’s remarks released Friday.
In 2023, the group expected revenue of more than 700 billion yuan ($99.2 billion), Hu said — an increase of nearly nine percent from last year.
![](https://images.yen.com.gh/images/902d752e11c49af7.jpg?impolicy=cropped-image&imwidth=256)
![](https://images.yen.com.gh/images/902d752e11c49af7.jpg?impolicy=cropped-image&imwidth=256)
Read also
UK keeps metric system up for sale after overwhelming support
But revenue remains well below the 891.4 billion yuan it earned in 2020, a year before the company reported a sharp drop in turnover due to US sanctions.
The company, however, appears to be recovering, announcing modest sales growth for the first nine months of the year in October.
“Common belief has helped us break the siege and move forward together,” said President Hu.
But, he warned, the company faces “serious challenges ahead.”
“Geopolitical and economic uncertainties abound, while technological limitations and trade barriers continue to impact the world,” Hu said.
“Together, these forces are reshaping business models and the global value chain,” he said.
During an August visit to Beijing by US Commerce Secretary Gina Raimondo, the company launched its Mate 60 Pro device.
The device, powered by an advanced domestically-made chip, has sparked debate over whether efforts to curb China’s technological progress have been effective.
![](https://images.yen.com.gh/images/2ee3abe98ff56a6f.jpg?impolicy=cropped-image&imwidth=256)
![](https://images.yen.com.gh/images/2ee3abe98ff56a6f.jpg?impolicy=cropped-image&imwidth=256)
Read also
Apple will appeal the ban on US watches
And it has shown the ability to bite into arch-rival Apple’s profits in China, analysts cited by Bloomberg said in October.
Huawei remains the world’s leading equipment manufacturer for 5G, the fifth generation of mobile internet.
The United States is seeking to persuade its allies to ban Huawei from their 5G networks, arguing that Beijing could use the group’s products to monitor a country’s communications and data traffic.
In June, the European Commission ruled that Chinese suppliers of telecommunications equipment — including Huawei — pose a risk to EU security.
Source: AFP