SHENZHEN, China - 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.
Last year marked the third consecutive year of growth for the company after revenue plummeted by almost a third in 2021 when the company started to exhaust chip reserves, though revenue remains below its 2020 peak of 891.3 billion yuan. Net profit in 2023 rose by 144.5% to 87 billion yuan, with the net profit margin more than doubling on a year earlier to 12.35%.
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