Chinese technology powerhouse Huawei Technologies anticipates surpassing 700 billion yuan ($98.5 billion) in revenue for 2023, as per remarks from rotating chairman Ken Hu in an internal New Year message obtained by Reuters.
This forecast signifies an impressive 9% year-over-year revenue growth compared to the 642.3 billion yuan reported in 2022.
This outlook underscores Huawei’s resilience following U.S. sanctions in 2019, which had posed challenges by limiting access to crucial global technologies, including advanced chips. “Thanks to our partners across the value chain for standing with us through thick and thin. And I’d also like to thank every member of the Huawei team for embracing the struggle for never giving up,” conveyed Hu in the message to staff.
Huawei’s device business segment, encompassing its smartphone business, exceeded expectations in 2023, according to the message. In a significant move in August, Huawei unveiled its Mate60 series of smartphones, powered by a domestically developed chipset, marking a notable return to the high-end smartphone market after navigating challenges posed by U.S. sanctions.
The remarkable 83% year-on-year surge in Huawei’s smartphone shipments in October contributed to the overall 11% growth of the Chinese smartphone market during the same period, according to Counterpoint.
Looking ahead to 2024, Huawei highlighted in the letter that the device business would be a major focus for expansion. “Our device business needs to double down on its commitment to developing best-in-class products and building a high-end brand with a human touch,” stated the letter. Nevertheless, Huawei acknowledged significant challenges in the same letter.
