Huawei 1Q revenue edges up, profit margin narrows

Chinese tech giant Huawei says its revenue edged up 0.8% from a year earlier in the first three months of 2023 and the company was profitable. Revenue rose to 132.1 billion yuan ($19.1 billion). The company said its net profit margin was 2.3%, down from 4.3% a year earlier. It said spending on research and development increased but gave no details. Huawei has struggled since then-President Donald Trump cut off access to U.S. processor chips and other technology in a feud with Beijing over technology and security. It has responded to such sanctions, which devastated its smartphone brand, by expanding into serving hospitals, ports and other industrial customers.