Huawei brought its largest display to the Mobile World Congress in Barcelona in February 2024.
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BEIJING – Chinese telecommunications company Huawei on Friday said its 2023 net profit more than doubled due to product improvements.
The company also attributed the increase in profits to a 9.6% year-on-year increase in sales to 704.2 billion yuan ($99.18 billion). Net profit increased 114.5% year-on-year to 87 billion yuan.
Huawei said higher quality business operations and sales in some businesses also contributed to revenue.
The company quietly launched the Mate 60 Pro in China in late August, with a return to the smartphone market in 2023. According to reviews, the device achieves download speeds associated with 5G thanks to its advanced semiconductor chip. This is despite US restrictions on Huawei’s ability to access high-end technology from US suppliers since 2019.
The Mate 60 Pro contributed to Huawei’s sales increase in China. According to Canalys, Huawei’s domestic smartphone shipments in the fourth quarter increased by 47% year-on-year, putting the company in fourth place in terms of market share, overtaking Xiaomi. According to the data, Apple maintained its lead with shipments increasing by 6% year-on-year.
Huawei’s sales in 2022 increased by 0.9% to 642.3 billion yuan. The company stabilized its performance in a tough year after sales fell more than 28% in 2021. Net profit in 2022 fell by 69%, the largest drop on record. . At the time, the company cited rising commodity prices, China’s pandemic response, and increased research and development costs as reasons.
Huawei on Friday announced that sales of its intelligent automotive solutions business increased 128.1% year-on-year to 4.7 billion yuan.
The company sells software and other technology to car companies. The company has also partnered with an automaker for the electric car brand “Aito.”
Huawei announced that its consumer business’s sales in 2023 will increase by 17.3% from the previous year to 251.5 billion yuan.
ICT continues to be Huawei’s biggest revenue driver, with revenue in 2034 rising 2.3% year-on-year to 362 billion yuan.
Cloud revenue increased by about 22% to 55.3 billion yuan.
—CNBC’s Arjun Kharpal contributed to this report.
