- Huawei said in its annual report released on Friday that its revenue grew 9.63% to 704.2 billion yuan (US$97 billion) in 2023.
- The sanctions-hit company is facing further U.S. scrutiny over its chip breakthroughs.
Huawei Technologies reported a rebound in sales growth in 2023, with revenues rising 9.63% to 704.2 billion yuan (US$97 billion) in 2023, boosted by its high-end 5G products in the Mate 60 series.
Profit of the year
Net profit for the year was 87 billion yuan, up 144.5% year-on-year, partly due to recurring gains from the sale of its cheap smartphone unit, Pride, and other assets.
Apart from mobile phones, the other sales that make up Huawei’s theme business are electric cars.
Flagship 5G smartphones and its co-developed Aito electric cars, recorded a 17.3% increase to 251.5 billion yuan (US36.5 billion) in 2023, being one of the strongest segments. It was the first growth posted for the consumer business since 2021.
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US restrictions on Huawei
Earlier, the U.S. government tightened restrictions on Huawei’s use of advanced semiconductors developed or produced with U.S. technology, effectively crippling Huawei’s smartphone business.
In August last year, Huawei surprisingly launched the Mate 60 Pro smartphone, powered by the Kirin 9000s, an advanced processor developed in-house.
The Huawei Mate 60 Pro was seen as a symbol of China’s technological resurgence despite Washington’s ongoing efforts to cripple its capacity to produce advanced semiconductors.
The phone also prompted a review by the Biden administration to learn the details behind the chip that powers it, the most advanced semiconductor China has so far produced.
