Huawei brought one of the largest displays to the Mobile World Congress in Barcelona in February 2024.
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BEIJING – Chinese telecoms company Huawei said on Friday its net profit more than doubled in 2023 as it offers better products.
The company also attributed the profit growth to revenue rising 9.6% year-on-year to 704.2 billion yuan ($99.18 billion). Net profit increased by 114.5% year-on-year to 87 billion yuan.
Huawei said higher-quality operations and sales in some businesses also helped profits.
The telco made a comeback in 2023, quietly launching the Mate 60 Pro in China in late August. Reviews indicate that the device can deliver download speeds associated with 5G thanks to the use of advanced semiconductor chips. Although the United States has restricted Huawei’s ability to obtain high-end technology from American suppliers since 2019.
The Mate 60 Pro helped boost Huawei’s sales in China. Season 4, Huawei smartphone shipments surge 47% in the country According to Canalys data, the company ranks fourth in market share compared with a year ago, ahead of Xiaomi. Data shows that Apple remains first with an annual growth rate of 6%.
Huawei’s 2022 revenue rose 0.9% to 642.3 billion yuan, as the company stabilized its business in a difficult year after sales plunged more than 28% in 2021. Net profit fell 69% in 2022, the largest decline on record. The company cited rising commodity prices, China’s epidemic control and growing research and development spending at the time.
Huawei also said on Friday that its smart car solutions business revenue increased 128.1% year-on-year to 4.7 billion yuan.
The company sells software and other technology to car companies. It is also working with an automaker to develop the Aito electric vehicle brand.
Huawei said that its consumer business revenue will increase by 17.3% year-on-year to 251.5 billion yuan in 2023.
So far, ICT is still Huawei’s largest revenue driver, with revenue reaching 362 billion yuan in 2023, an increase of 2.3% over the same period last year.
Cloud revenue grew nearly 22% to 55.3 billion yuan.
—CNBC’s Arjun Kharpal contributed to this report.
