Huawei sales near $100 billion in year of semiconductor chip breakthroughs

Huawei Technologies Co.’s revenue surged 9% in 2023, capping a dramatic year for a Chinese technology powerhouse that challenged Apple Inc. and US sanctions with a surprise breakthrough in chip technology.

Sales jumped to more than 700 billion yuan ($98.7 billion), their fastest pace of growth in years thanks to a resurgent smartphone business and robust 5G equipment sales. On a quarterly basis, revenue climbed 27% to at least 243.4 billion yuan, based on Bloomberg’s calculations off the annual figure. That’s a sharp acceleration from the third quarter’s slight rise.