Huawei’s Profit Doubles With Made-in-China Chip Breakthrough

(Bloomberg) -- Huawei Technologies Co.’s profit more than doubled during the quarter it revealed its biggest achievement in chip technology, adding to signs the Chinese tech leader is steadying a business rocked by U.S. sanctions.

The Shenzhen-based company reported a 118% surge in net profit to 26.4 billion yuan ($3.6 billion) in the September quarter, and a slight rise in sales to 145.7 billion yuan, according to Bloomberg News calculations from nine-month results released Friday. Those numbers included initial sales of the vastly popular Mate 60 Pro, which began shipping in late August.