Huawei's revenue rose 9% in 2023, capping off a dramatic year for the Chinese company that made surprise breakthroughs in chip technology despite sanctions imposed by Apple and the United States.
Revenues rose to about $98.7 billion, the company's fastest growth in years, thanks to the recovery of the smartphone sector and strong sales of fifth-generation devices.
According to Bloomberg calculations, quarterly sales rose by 27% to about $34.3 billion. After a moderate increase in the third quarter, the increase accelerated significantly.
Huawei achieved great success after launching a smartphone equipped with an advanced Chinese-made Kirin processor with 7nm technology in 2023, which became popular across the country due to US restrictions aimed at hindering the technology industry in China and aroused interest.
The news sparked debate in Washington about the failure of the restrictions and what should be done about them.
Huawei has become a symbol of China's determination to prevent its geopolitical rivals from imposing restrictions, even as Huawei itself warns Washington and the unstable global economy of the risks this could pose in 2024.
“After years of hard work, we have weathered the storm and are now on the right track,” Ken Ho, one of several executives who hold the rotating presidency, said in his traditional year-end message to employees. to changes in the business environment. Geopolitical conflicts and fluctuations in the global economic cycle. "
Huawei has enjoyed strong domestic support since it was blacklisted in 2019. The state-owned telecommunications company has offered lucrative deals on 5G networks and cloud computing to Huawei, and other companies have taken over distressed companies.
The Mate 60 Pro has taken market share from the iPhone 15 since its launch in August. Huawei has emerged as a major player in the semiconductor sector, which the Biden administration has worked to suppress.
According to the Semiconductor Industry Association, Huawei is building a network of chip factories and has received about $30 billion in funding from the Shenzhen government.
In 2024, Huawei may face continued US measures to contain China and face pressure to continue technological progress, which may become more difficult as rare and vital components for chipmaking come under increasing pressure.
Huawei wants to increase its investments in new technologies such as artificial intelligence to ensure its technological leadership. “We must actively use this window of opportunity and invest limited resources in key strategic areas,” Hu wrote.