Chinese tech giant Huawei reports sales, profit up despite US sanctions

Beijing: Chinese tech giant Huawei on Friday reported its revenue rose 3% over a year earlier in the first half of 2023 and its profit margin widened despite sanctions that block access to US processor chips and other technology. China’s first global tech brand has responded to US curbs that devastated its smartphone brand by increasing emphasis on selling network gear to hospitals, ports, electric car brands and other industrial customers it believes will be less vulnerable to sanctions.

Revenue in the six months ending in June rose 3.1% to 310.9 billion yuan ($43.1 billion), Huawei Technologies Ltd said. It gave no profit figure but said its profit margin was 15%, which would be about 45 billion yuan ($6.5 billion) and an increase over the 4.3% margin in the first quarter of this year.