#Huawei profits double due to Chinese chip production

Huawei Technologies Co.'s profit more than doubled during the quarter it revealed its biggest achievement in chip #technology , a sign that the Chinese tech leader is stabilizing its business hurt by #US #sanctions .

The Shenzhen-based company reported a 118% rise 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 .

Those figures include the first sales of the hugely popular Mate 60 Pro smartphone, which began shipping in late August.

The gadget sold out almost instantly, fueling hopes that it could revive Huawei's fortunes and possibly cut into Apple Inc.'s lead in China, given signs of a disappointing debut for the iPhone 15.