Huawei’s net profit surged by 114.5% year-on-year to 87 billion yuan in 2023, despite facing restrictions from the US since 2019. The Chinese telecommunications company credited its profitability to improved product offerings and higher quality operations.
In addition to its success in the smartphone market, Huawei also reported growth in its intelligent automobile solutions business, with revenue increasing by 128.1% to 4.7 billion yuan. The company sells software and technology to car manufacturers and has partnered with an automaker for the Aito electric car brand.
Huawei’s consumer business also experienced growth, with revenue rising by 17.3% to 251.5 billion yuan in 2023. Meanwhile, ICT remained the biggest revenue driver at 362 billion yuan, up 2.3% year-on-year. Cloud revenue also saw significant growth, increasing by nearly 22% to 55.3 billion yuan.
Despite facing challenges such as rising commodity prices and strict pandemic controls in China, Huawei was able to bounce back in the smartphone market with the launch of the Mate 60 Pro in China in 2023