• Wed. May 22nd, 2024

Huawei Reports Impressive Net Profit Growth in 2023 Thanks to Comeback in Smartphone Market

BySamantha Jones

Mar 29, 2024
Huawei’s profit skyrocketed in 2023 thanks to growth in smartphone and autos business.

In February 2024, Huawei made a remarkable appearance at the Mobile World Congress in Barcelona, showcasing one of the largest displays at the event. The Chinese telecommunications company reported a net profit of 87 billion yuan ($13.6 billion) for 2023, an impressive increase of 114.5% from the previous year. This growth was attributed to Huawei’s improved product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($104.8 billion).

Huawei’s comeback in the smartphone market was a significant factor in its profitability in 2023. Despite U.S restrictions on accessing high-end tech from American suppliers, the Mate 60 Pro was well-received for its download speeds associated with 5G, boosting sales in China and leading to a rise in market share. In addition to this, smartphone shipments in China increased by 47% in the fourth quarter, indicating that Huawei’s efforts were paying off.

In contrast to this success, Huawei experienced some challenges in 2022, with revenue growing by only 0.9% to $643 billion yuan ($95 billion). However, after a tough year that saw significant sales decline in 2021 and a drop in net profit by over

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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