Almost $100 billion in revenue: Huawei had a terrific 2023

Huawei continues to rebound with the strongest earnings growth since 2019, a new report from Reuters reads.

In 2023, Huawei witnessed its most significant growth spurt in four years, fueled by a resurgence in its consumer electronics sector and burgeoning revenues from budding ventures like smart car components.

For the company, that's a notable phase in its recovery from the impact of US sanctions, with overall revenue climbing 9.63% year-over-year to reach 704.2 billion yuan ($97.48 billion). The lion's share of this increase was attributed to the consumer business, which saw a 17.3% growth, amounting to 251.49 billion yuan.

That's hardly a surprise given Huawei's last year striking comeback in the 5G smartphone arena with the launch of the Mate 60, effectively making the US-imposed constraints and regulations irrelevant. Since 2019, Huawei has faced US technology access restrictions and was barred from accessing US-developed 5G chips for its smartphones. Despite these challenges, the firm notched up its third consecutive year of growth in 2023, even though revenues still trailed behind the 2020 zenith of 891.3 billion yuan (over $120 billion).

Huawei went without the usual press conference and product launch spectacle it had maintained since the onset of US sanctions. The report states that Rotating Chairman Ken Hu, in a press statement, aligned these outcomes with the company's projections, stating, "We've been through a lot over the past few years. But through one challenge after another, we've managed to grow."

The fiscal narrative of 2023 also recounted a 144.5% surge in net profits to 87 billion yuan, doubling the net profit margin to 12.35% compared to the prior year. This upturn was partly fueled by continued payments from the 2020 divestiture of the Honor smartphone lineup.

The upcoming Huawei P70 line

If the latest reports about the upcoming Huawei P70 line hold their own, we can expect the following devices:

• Huawei P70
• Huawei P70 Pro
• Huawei P70 Pro+
• Huawei P70 Art

…on April 2.