In February 2024, Huawei showcased one of the largest displays at the Mobile World Congress in Barcelona. The Chinese telecommunications company reported a significant increase in net profit for 2023, which was attributed to improved product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($99.18 billion). Net profit saw a substantial surge of 114.5% year-on-year to 87 billion yuan, credited to higher quality operations and sales of some businesses.
Huawei made a comeback in the smartphone market with the launch of the Mate 60 Pro in China in 2023, despite restrictions from the US since 2019. The device offers download speeds associated with 5G due to an advanced semiconductor chip, which helped drive Huawei’s smartphone sales in China. Shipments in the fourth quarter increased by 47% year-on-year, placing Huawei fourth in market share ahead of Xiaomi.
In contrast, Huawei’s revenue grew by only 0.9% to 642.3 billion yuan in 2022 after a tough year following a significant decline in sales in 2021. However, net profit plummeted by
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