Huawei’s Net Profit Doubles in 2023, Driven by Strong Revenue Growth
Chinese tech giant Huawei has reported a significant increase in net profit for the year 2023, with figures more than doubling to reach 87 billion yuan. The company also saw a 9.6% year-on-year growth in revenue, reaching 704.2 billion yuan ($99.18 billion).
The profit gains have been attributed to higher quality operations and increased sales in certain business sectors. The release of the Mate 60 Pro in China helped Huawei make a comeback in the smartphone market, offering download speeds associated with 5G technology despite restrictions imposed by the U.S.
Huawei’s smartphone shipments in China surged by 47% in the fourth quarter of 2023, indicating a strong demand for its products. Revenue from the intelligent automobile solutions business also saw impressive growth, increasing by 128.1%.
The consumer business segment recorded a 17.3% year-on-year revenue growth, reaching 251.5 billion yuan in 2023. However, Huawei’s Information and Communications Technology (ICT) sector remained the biggest revenue driver, with 362 billion yuan in revenue.
Cloud revenue also saw significant growth, increasing by nearly 22% to 55.3 billion yuan. These positive results signal a strong performance for Huawei in various business segments and demonstrate the company’s resilience despite challenges in the global market. The success in 2023 has positioned Huawei as a key player in the tech industry moving forward.
