Trends
Huawei posts 9.63% rebound in sales for 2023
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 …
Headline
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%…
Context
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. 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.
Evidence
Pending intelligence enrichment.
Analysis
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. Also read: Chinese chip maker SMIC may have violated US law to make Huawei chip Also read: Global patent trends: Huawei, Samsung, and Qualcomm lead, India surges
Key Points
- 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.
Actions
Pending intelligence enrichment.
