In 2023, Huawei made a strong comeback in the smartphone market with the release of its Mate 60 Pro in China in late August. 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, which helped boost Huawei’s sales in China and increase market share.
The company’s net profit more than doubled to 87 billion yuan ($12.8 billion) in 2023, thanks to better product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($101.7 billion). Net profit saw a significant increase of 114.5% year-on-year compared to the previous year, when net profit dropped by 69%, the largest decrease on record due to rising commodity prices and other factors.
Huawei’s intelligent automobile solutions business also experienced significant growth, with revenue increasing by 128.1% in 2023, while its consumer business saw growth of nearly 17.3%. The ICT segment remained Huawei’s largest revenue driver, bringing in nearly $40 billion or $55.3 billion yuan in revenue, up from $35 billion or $51 billion yuan in the previous year, representing growth of nearly 22%. Cloud revenue also saw significant growth of nearly $14 billion or $96 million yuan compared to the previous year’s $13 billion or $90 million yuan, representing growth of over 7%.
Overall, Huawei’s performance in