In 2023, Huawei Technologies demonstrated the fastest revenue growth in the last 4 years. This was achieved thanks to the recovery of the consumer segment and revenues from new activities, such as components for smart cars. All this accelerated its recovery from US sanctions.
Huawei’s revenue in 2023 amounted to $97.48 billion, up 9.63% year-on-year. The largest contributor to this figure was the consumer business, which grew by 17.3% to $34.83 billion. This segment includes its smartphone business, which experienced a renaissance last year when the company returned to the mainstream 5G smartphone market with the Mate 60, apparently overcoming US restrictions that had been in place since 2019. While the company’s core ICT infrastructure business remained stable, its cloud business grew by more than 20%, bringing in $7.66 billion in revenue. Huawei’s business of creating software and components for smart cars, launched about 4 years ago, also showed significant growth – up 128.1% year-on-year to $0.65 billion.
2023 was the third consecutive year of growth for Huawei after revenue fell by almost a third in 2021, when the company began to exhaust its chip reserves. However, the revenue has not yet recovered to its 2020 peak.
In 2023, Huawei’s net profit increased by 144.5% to $12.05 billion, and its profitability more than doubled to 12.35% compared to the previous year.
Part of this outstanding financial performance was the result of ongoing payments from the sale of the Honor smartphone brand, which took place in November 2020.
Source: reuters