BEIJING, March 29, 2024 (BSS/AFP) - Chinese telecom giant Huawei on Friday said its profits more than doubled in 2023, a year that saw the company defy US sanctions with the release of a high-end smartphone.

Last year, the Shenzhen-based firm generated a profit of 87 billion yuan ($12 billion), more than double 2022's 35.6 billion yuan but short of its record profit of 113.7 billion yuan in 2021.

Revenues also surged by 9.6 percent.

"We've been through a lot over the past few years," Rotating Chairman Ken Hu said. "But through one challenge after another, we've managed to grow."

Huawei has been at the centre of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage, an allegation the company denies.