Huawei Technologies Co. sustained its run of strong quarterly profit growth, building on the resurgence of its consumer business against Apple Inc.’s iPhone and the rise of its cloud division against incumbent Alibaba Group Holding Ltd, reports Caixin. The Chinese networking and electronics leader reported net profit of about RMB 13.9 billion ($1.9 billion) in the December quarter, based on Bloomberg calculations from its financial figures. That’s more than 65% higher than the RMB 8.4 billion tally a year earlier.
The results underscore how Huawei, the target of US sanctions and export controls for years, has progressed in navigating through the challenges.
In August, the company unveiled its flagship Mate 60 smartphone lineup with a domestically designed and produced 7-nanometer processor, setting off a wave of popularity at home. Its consumer electronics division surged by 17.3% in 2023, to bring in sales of RMB 251.5 billion.