Chinese tech giant Huawei reports sales, profit up despite US sanctions

Chinese tech giant Huawei says its revenue rose 3% over a year earlier and its profit margin widened in the first half of 2023 despite sanctions that limit its access to U.S. processor chips. China's first global tech brand has responded to U.S. curbs that devastated its smartphone brand by increasing emphasis on serving hospitals, electric car brands and other industrial customers. The company said first-half revenue rose 3.1% to 310.9 billion yuan, or $43.1 billion. It gave no profit figure but said its profit margin was 15%. Huawei struggled after then-President Donald Trump cut off access to U.S. processor chips and other technology in a feud with Beijing over technology and security.