• Sun. May 26th, 2024

Huawei Defies Odds: Achieves 114.5% Year-on-Year Net Profit Growth Despite US Sanctions

BySamantha Jones

Mar 29, 2024
Huawei sees a 100% increase in profits in 2023 due to growth in smartphone and autos sectors

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

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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