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Huawei Reports Profit Rise Despite U.S. Sanctions

Chinese tech giant Huawei released its half-yearly earnings figures on Friday, posting a rise in profit despite being faced with sanctions that block access to U.S. processor chips and other technology.

Revenue for the first six months of 2023 was 310.9 billion yuan ($43.1 billion), a 3.1% year-on-year rise. The company revealed that its profit margin rose by 15%, compared to 4.3% during the first quarter of the year.

The company’s infrastructure unit made 167.2 billion yuan ($23.2 billion) in sales, while consumer sales increased by 103.5 billion yuan ($14.3 billion). The company’s new automotive unit saw a 1 billion yuan ($138.6 billion) revenue.

Huawei’s rise in profit came as the company’s smartphone brand was crippled by U.S. sanctions blocking access to U.S. processor chips and other technology. American officials accuse the company of being a security risk and potentially enabling Chinese spying; allegations that Huawei has denied.

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