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Huawei’s revenue continues to grow despite US sanctions

Huawei's revenue and profit continue to grow; numbers are still short of their pre-US sanctions levels


In 2023, Huawei Technologies experienced its most rapid growth since the onset of U.S. sanctions, reporting a 9.63% increase in revenue to 704.2 billion yuan ($97.48 billion). This surge was largely fueled by its consumer business, which saw a remarkable 17.3% growth to 251.49 billion yuan, primarily driven by the resurgence of its smartphone division. The company made a notable comeback in the competitive 5G smartphone market with the introduction of the Mate 60, navigating through the challenges posed by U.S.-enforced restrictions initiated in 2019 over security concerns, which Huawei has consistently refuted.

Despite facing a revenue dip of nearly a third in 2021 due to depleting chip reserves, Huawei has managed to maintain an upward trajectory for the third consecutive year, although it has not yet rebounded to its 2020 revenue peak of 891.3 billion yuan.

Ken Hu, Huawei’s chairman, affirmed that the financial results aligned with the company’s expectations. Huawei’s net profit in 2023 impressively rose by 144.5% to 87 billion yuan, with a significant contribution from the sale of its Honor sub-brand in November 2020.

Huawei’s cloud and infrastructure businesses have remained stable and Huawei’s venture into smart car software and components has shown promising growth, with a 128.1% increase year on year to 4.7 billion yuan. The company plans to further capitalize on this by spinning off its smart car unit into a separate entity, expected to start turning a profit from April.

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