Huawei reported its net profit in 2023 grew by 144.5 per cent year on year to CNY86.9 billion ($12.2 billion) due in part to a 17.3 per cent increase in consumer revenue to CNY251.5 billion.

The tech giant doesn’t provide granular details on the consumer sector, but it does include its Mate 60 smartphone that launched last year.

Total revenue increased 9.63 per cent to CNY704.2 billion ($99.1 billion), its fastest growth in four years, while its cloud computing revenue grew 29.3 per cent to CNY55.2 billion.

The company’s core ICT infrastructure business posted a 2.3 per cent increase in revenue to CNY361.1 billion. Huawei’s four-year old smart automotive sector generated CNY4.7 billion, up 128.1 per cent.

Huawei stated it invested CNY164.7 billion in R&D last year, representing 23.4 per cent of total revenue.

Huawei has been hampered by ongoing US trade sanctions dating back to 2019 but appears to have bounced back.

Rotating chair Ken Hu stated the company had been “through a lot over the past few years, but through one challenge after another we’ve managed to grow”.