Huawei Defies Odds: Net Profit More Than Doubles in 2023 with Strong Revenue Growth and Market Share Surge

In 2023, Huawei reported a net profit more than double its 2022 figure, citing better product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($99.18 billion). Despite facing restrictions on accessing high-end technology from American suppliers since 2019, the Chinese telecommunications company made a comeback in the smartphone market with the release of the Mate 60 Pro in China in late August 2023. The device’s advanced semiconductor chip allowed for download speeds associated with 5G, leading to increased sales in China and moving Huawei to fourth place in market share ahead of Xiaomi.

In addition to its success in the smartphone market, Huawei also saw revenue growth in its intelligent automobile solutions and consumer businesses. The company’s intelligent automobile solutions business experienced a 128.1% revenue growth in 2023, reaching 4.7 billion yuan, while its consumer business saw revenue growth of 17.3% year-on-year to 251.5 billion yuan. ICT remained the biggest revenue driver for Huawei in 2023, generating 362 billion yuan, with cloud revenue growing by nearly 22% to 55.3 billion yuan.

Despite these successes, Huawei’s net profit fell by