Huawei brought one of the largest displays to the Mobile World Congress in Barcelona in February 2024.
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BEIJING — Chinese telecommunications company Huawei said Friday that its net profit for 2023 more than doubled thanks to improved product offerings.
The company also attributed the earnings increases to revenue growth of 9.6% year-on-year to 704.2 billion yuan ($99.18 billion). Net profit grew 114.5% year-on-year to 87 billion yuan.
According to Huawei, the higher-quality operations and sales of some companies also contributed to profitability.
The telco returned to the smartphone market in 2023 with the quiet launch of its Mate 60 Pro in China in late August. Reviews have indicated that the device offers download speeds associated with 5G, thanks to an advanced semiconductor chip. This is despite US restrictions since 2019 on Huawei’s ability to access high-end technology from American suppliers.
The Mate 60 Pro helped increase Huawei’s sales in China. In the fourth quarter, Huawei smartphone shipments in the country rose 47% from a year ago, putting the company in fourth place by market share, ahead of Xiaomi, according to Canalys. According to the data, Apple retained the top spot with 6% year-on-year shipment growth.
Huawei’s revenue grew 0.9% to 642.3 billion yuan in 2022, as the company stabilized its business in a difficult year following a more than 28% slump in sales in 2021. Net profit in 2022 it fell by 69%, the largest decline on record. The company at the time cited rising commodity prices, pandemic controls in China and growing spending on research and development.
Huawei also said on Friday that its intelligent automotive solutions business saw revenue grow 128.1% from a year ago to 4.7 billion yuan.
The company sells software and other technology to automakers. It has also partnered with an automaker for the Aito electric car brand.
Huawei said its consumer business saw revenue grow 17.3% year-on-year to 251.5 billion yuan in 2023.
ICT remained by far Huawei’s main revenue driver with 362 billion yuan in revenue in 2023, up 2.3% from a year ago.
Cloud revenue grew nearly 22% to 55.3 billion yuan.
— CNBC’s Arjun Kharpal contributed to this report.