Huawei’s sharp profit fall for its 2022 financial year has been wrongly interpreted as evidence that US sanctions are really biting, when the overall results really indicate that the company has weathered the storm in reasonably rude health. The sanctions have for sure had considerable impact, causing Huawei to revise its fundamental strategy in various ways and virtually exit the smartphone business, but it has largely succeeded in realigning its business. The degree of disruption can be seen from the need to refocus around its own Harmony OS instead of Android and redesign many products to avoid using prohibited components. As Huawei founder Ren Zhengfei pointed out recently in a speech at Nanjing University, Huawei has had to replace over…