Huawei Technologies on Friday said it saw its fastest growth in four years in 2023, with a rebound in its consumer segment and income from new businesses like smart car components.

The Shenzhen-based company reported a net profit of 87 billion yuan, helped by strong sales and an improved product portfolio.

Revenue rose nearly 10 percent from a year earlier to 704.2 billion yuan.

Huawei’s rotating chairman Ken Hu said the company’s figures were in line with forecasts.

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

While Huawei did not break down the consumer figures, the segment includes its handset business, which saw a resurgence last year as the company returned to the mainstream 5G smartphone market with the Mate 60, apparently overcoming US restrictions.

Washington had been restricting Huawei's access to US technology since 2019, accusing the company of being a security risk, which Huawei denies.

Last year marked the third consecutive year of growth for Huawei after revenue plummeted by almost a third in 2021 when the company started to exhaust chip reserves, though revenue remains below its 2020 peak of 891.3 billion yuan. (Reuters/AP)