Huawei on growth momentum, pushing new business

Reuters reported that Huawei Technologies recently announced that its 2023 revenue will increase by 9.63% to 704.2 billion yuan compared to 2022. This is considered the largest revenue growth recovery since 2019. Of which, consumer business accounted for the majority, increasing by 17.3% to 251.49 billion yuan.

While Huawei doesn’t break down consumer numbers, the segment includes its handset business, which is set to see a strong renaissance in 2023 when the company returns to the mainstream 5G smartphone market with the launch of the Huawei Mate 60.

Earlier in 2019, the US government imposed strict restrictions on the export of US technology to Huawei. At the same time, the US blacklisted the group, accusing the company of security risks, which Huawei denied.

Huawei trên đà tăng trưởng, đẩy mạnh hoạt động kinh doanh mới

Huawei Technologies France headquarters in Boulogne-Billancourt, France. Photo: Reuters

“This growth result is consistent with the company’s development direction. We have gone through many difficulties and fluctuations to achieve the current results,” said Huawei rotating chairman Hu Houkun in a press release.

In addition, at a product launch event, Meng Wanzhou, Huawei's Chief Financial Officer, also announced that the company had ended the crisis.

2023 marks the company's third straight year of growth after revenue plummeted by nearly a third and chip reserves depleted in 2021.

Part of that profit came from ongoing payments for selling its Honor smartphone brand as of November 2020, according to a Huawei spokesperson.

While the company's IT infrastructure business remained stable, its cloud computing business grew by more than a fifth, helping Huawei earn 55.3 billion yuan.

At the same time, the performance of smart car components business is also driving the economic recovery, recording a 128.1% growth to 4.7 billion yuan compared to the same period in 2023. Previously, Huawei announced that it would separate its smart car division into a new company.

In March, Richard Yu, CEO and president of Smart Vehicle Solutions, said the unit could be profitable from April after losing billions of yuan in 2023.

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