Huawei brought certainly one of the most important displays to the Mobile World Congress in Barcelona in February 2024.
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BEIJING – Chinese telecommunications company Huawei said on Friday that its 2023 net profit greater than doubled on the back of improved product offerings.
The company also attributed the earnings increase to a 9.6% year-on-year increase in revenue to 704.2 billion yuan ($99.18 billion). Net profit increased 144.5% year-on-year to 87 billion yuan.
According to Huawei, the upper quality of operations and sales of some enterprises also contributed to profitability.
The telco returned to the smartphone market in 2023 with the quiet launch of the Mate 60 Pro in China in late August. Reviews have shown that the device offers download speeds comparable to 5G – because of its advanced semiconductor chip. This is despite restrictions introduced in the US in 2019 on Huawei’s access to advanced technologies from American suppliers.
The Mate 60 Pro helped boost Huawei’s sales in China. In the fourth quarter Huawei smartphone shipments in the country increased by 47% a 12 months ago, in keeping with Canalys, which puts the corporate in fourth place in terms of market share, ahead of Xiaomi. The data showed that Apple retained its top spot, posting a 6% year-over-year increase in shipments.
Huawei’s revenue rose 0.9% to 642.3 billion yuan in 2022 as the corporate stabilized its business in a difficult 12 months after sales fell by greater than 28% in 2021. Net profit in 2022 fell 69%, which represents the most important decline in history. The company then cited rising commodity prices, the control of the pandemic in China and rising research and development spending.
On Friday, Huawei also reported that the revenue of its intelligent automotive solutions division rose 128.1% from a 12 months ago to 4.7 billion yuan.
The company sells software and other technology to car manufacturers. It has also established cooperation with the Aito electric car manufacturer.
Huawei said its consumer business revenue grew 17.3% year-on-year to 251.5 billion yuan in 2023.
ICT stays by far Huawei’s largest revenue driver, reaching 362 billion yuan in 2023, up 2.3% from the previous 12 months.
Cloud revenue increased almost 22% to 55.3 billion yuan.
