In 2023, Huawei made a remarkable comeback at the Mobile World Congress in Barcelona, where they showcased one of the largest screens in the event. The Chinese telecom company reported that their net profit for 2023 more than doubled, reaching 87 billion yuan, which was attributed to a better product offering and a 9.6% year-on-year increase in revenue to 704.2 billion yuan ($99.18 billion).
Huawei’s smartphone market return was marked by the launch of their Mate 60 Pro in China in August 2023. Despite US restrictions on access to high-tech from US suppliers, the Mate 60 Pro was well received for its 5G-related download speeds. This helped boost sales in China, with smartphone shipments increasing by 47% in the fourth quarter and an increase in market share.
In contrast, Huawei faced some challenges in 2022, with revenue growth of only 0.9% to 642.3 billion yuan. However, they managed to stabilize their business after a difficult year that saw a significant drop in sales in 2021. Net profit in 2022 saw a significant decline of 69%, which was the largest decline in history, attributed to rising commodity prices and other factors.
Huawei’s intelligent automotive solutions business also experienced growth, with revenue increasing by 128.1% in