3/29/2024

Huawei demonstrates rapid recovery

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ХОЧЕШЬ УЗНАТЬ КАК ЗАРАБАТЫВАТЬ НА НОВОСТЯХ?

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Key points:

  • Huawei has demonstrated the most dynamic growth in the last 4 years.
  • Revenue grew 9.63% to 704.2 billion yuan ($97.48 billion).
  • The consumer business grew 17.3% to RMB 251.49 billion.

In 2023, the Chinese company Huawei Technologies showed the most dynamic growth in the last four years. The main reason is the recovery of demand in the consumer segment and the successful development of new business areas, such as the production of components for smart cars. These factors accelerated the company’s recovery process after the imposition of US sanctions.

Huawei’s revenue for 2023 grew by 9.63% compared to the previous year and amounted to 704.2 billion yuan ($97.48 billion). The largest contribution to this figure was made by the consumer business, which showed growth of 17.3% to 251.49 billion yuan.

How the company regained growth

Despite the lack of information on the number of consumers, Huawei’s consumer business segment, which includes mobile phones, has shown steady growth. The company’s return to the 5G smartphone market with the Mate 60 was a significant event and demonstrates the overcoming of restrictions imposed by the United States. 2023 marked Huawei’s third consecutive year of growth after revenue fell by almost a third in 2021.

Unlike previous years, Huawei did not hold a press conference and presentation dedicated to its achievements. The company’s rotating chairman, Ken Hu, said in a press release that the results were in line with forecasts. He also noted that Huawei has experienced many challenges over the past few years, but by overcoming them, the company has managed to achieve growth.

Meng Wanzhou, Huawei’s chief financial officer and daughter of the company’s founder, said at a presentation last year that Huawei was no longer in crisis mode.

Huawei results

Huawei’s net profit in 2023 showed significant growth, increasing by 144.5% to 87 billion yuan. Net profit margin also more than doubled year-on-year to 12.35%.

Part of this profit, according to a company representative, came from the sale of the Honor smartphone brand, which Huawei sold in 2020. Huawei’s cloud business grew by more than 20%, reaching 55.3 billion yuan.

Huawei’s four-year-old smart car software and components business also saw strong growth of 128.1% year-on-year to RMB 4.7 billion.

Last year, Huawei announced it would spin off its smart car division into a new company.

ХОЧЕШЬ УЗНАТЬ КАК ЗАРАБАТЫВАТЬ НА НОВОСТЯХ?

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