Huawei brought one of its largest displays to the Mobile World Congress in Barcelona in February 2024.
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BEIJING — Chinese telecom company Huawei said Friday that its 2023 net profit more than doubled thanks to better product offerings.
The company also attributed the profit gains to revenue growth of 9.6% year-on-year to 704.2 billion yuan ($99.18 billion). Net profit grew by 144.5% year on year to reach 87 billion yuan.
High-quality operations and sales of some companies also contributed to profitability, according to Huawei.
The telco returned to the smartphone market in 2023 with the quiet launch of the Mate 60 Pro in China in late August. Reviews noted that the device delivers 5G-linked download speeds – thanks to the advanced semiconductor chip. This is despite US restrictions since 2019 on Huawei's ability to access cutting-edge technology from US suppliers.
The Mate 60 Pro helped boost Huawei's sales in China. In the fourth quarter, Huawei's smartphone shipments in the country rose 47% compared to last year, putting the company in fourth place in terms of market share, ahead of Xiaomi, according to Canalys. The data showed that Apple maintained first place with shipments growing by 6% year-on-year.
Huawei's revenue grew 0.9% to 642.3 billion yuan in 2022, as the company stabilized its business in a difficult year after sales fell more than 28% in 2021. Net profit in 2022 fell by 69%, the largest decline on record. . The company at the time cited rising commodity prices, the control of the epidemic in China, and increased spending on research and development.
Huawei also said on Friday that its smart car solutions business saw revenue grow 128.1% year-on-year to 4.7 billion yuan.
The company sells software and other technology to automobile companies. It has also partnered with an automaker for the Aito electric vehicle brand.
Huawei said its consumer business saw its revenue grow 17.3% year-on-year to 251.5 billion yuan in 2023.
ICT remained by far Huawei's largest revenue driver with revenue reaching 362 billion yuan in 2023, up 2.3% from last year.
Cloud revenue grew by approximately 22% to 55.3 billion yuan.
— CNBC's Arjun Kharpal contributed to this report.
