In February 2024, Huawei presented one of the largest displays at the Mobile World Congress in Barcelona. The Chinese telecom company reported a significant increase in net profit for 2023, attributed to improved product offerings and a 9.6% year-on-year rise in revenue to 704.2 billion yuan ($99.18 billion). Net profit recorded a significant increase of 114.5% year-on-year to 87 billion yuan.
Huawei’s growth can be attributed to its smartphone sales in China, with shipments up 47% year-on-year in the fourth quarter of 2023. Despite restrictions from the US since 2019, Huawei’s device offers 5G-related download speeds thanks to its advanced semiconductor chip. This helped boost Huawei’s market share ahead of Xiaomi, putting them in fourth place.
In contrast, Huawei’s revenue rose by only 0.9% in