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

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