Beijing, China – Huawei, the Chinese telecommunications company, announced on Friday a remarkable increase in its net profit for the year 2023. This surge in profitability was driven by improved product offerings and a 9.6% year-on-year revenue growth, amounting to 704.2 billion yuan ($99.18 billion). The company reported a staggering 114.5% year-on-year increase in net profit, reaching 87 billion yuan.
Huawei credited its profit gains to the rise in revenue and higher quality operations and sales in certain business sectors. The company’s re-entry into the smartphone market in 2023 with the unveiling of the Mate 60 Pro in China played a significant role in boosting sales. Despite facing restrictions on accessing cutting-edge technology from American suppliers since 2019, Huawei’s Mate 60 Pro allowed the company to capitalize on China’s growing 5G market, with smartphone shipments surging by 47% in the fourth quarter of the year.
In addition to its success in the smartphone market, Huawei’s intelligent automobile solutions business saw an impressive 128.1% revenue growth from a year ago, generating 4.7 billion yuan. The company also experienced a 17.3% year-on-year revenue increase in its consumer business, totaling 251.5 billion yuan in 2023. ICT remained Huawei’s top revenue driver, contributing 362 billion yuan in revenue for the same year, a 2.3% increase from the previous year.
Furthermore, Huawei’s cloud revenue rose by nearly 22% to 55.3 billion yuan in 2023, showcasing the company’s diversification and growth across various sectors. The strategic partnerships with automakers for the Aito electric car brand and the continued sales of software and other technology to car companies have allowed Huawei to expand its presence in the automotive industry.
Overall, Huawei’s impressive financial performance in 2023 highlights the company’s resilience and ability to navigate challenges, including U.S. restrictions and the impact of the global pandemic. The company’s focus on innovation, quality operations, and strategic partnerships has positioned it for continued success in the highly competitive technology market.
