(FILES) In this file photo the logo of Chinese company Huawei is seen on the screen of a Huawei mobile phone in London on July 14, 2020. – The US administration on August 17, 2020 expanded its sanctions on China’s Huawei, a move aimed at further limiting the tech giant’s access to computer chips and other technology. A Commerce Department statement added 38 Huawei affiliates around the world to the “entity list,” claiming that the company was using international subsidiaries to circumvent the sanctions which prevent export of US-based technology. (Photo by DANIEL LEAL-OLIVAS / AFP)

Chinese telecom giant Huawei said on Friday that its profits more than doubled in 2023, a year that saw the company defy US sanctions with the release of a high-end smartphone.

Last year, the Shenzhen-based firm generated a profit of 87 billion yuan ($12 billion), more than double 2022’s 35.6 billion yuan but short of its record profit of 113.7 billion yuan in 2021.

Revenues also surged by 9.6 percent.

“We’ve been through a lot over the past few years,” Rotating Chairman Ken Hu said. “But through one challenge after another, we’ve managed to grow.”

Huawei has been at the centre of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage, an allegation the company denies.

Sanctions since 2019 have cut Huawei’s access to US-made components and technologies, forcing it to diversify.

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