Huawei Projects Strong Revenue Growth in 2023 Despite Ongoing Challenges

Huawei Technologies’ rotating chairman, Ken Hu, in an internal new year message, has announced the company’s anticipation of surpassing 700 billion yuan ($98.5 billion) in revenue for the year 2023. This projected figure signifies a notable 9 percent year-over-year increase from the 2022 reported revenue of 642.3 billion yuan, Reuters news report said.
Huawei Harmony OSHuawei, the Chinese technology giant, has been navigating a complex landscape following severe U.S. sanctions that impeded its access to crucial global technologies, particularly advanced chips, starting in 2019. However, Ken Hu expressed optimism about the company’s resurgence, crediting the unwavering support of partners and the resilience of the Huawei team.

“Thanks to our partners across the value chain for standing with us through thick and thin. And I’d also like to thank every member of the Huawei team for embracing the struggle – for never giving up,” Ken Hu stated in his message.

Acknowledging the challenging period, Ken Hu highlighted the positive performance of Huawei’s device business segment, including its smartphone division, surpassing expectations for 2023. Notably, the release of the Mate60 series in August, reportedly powered by a domestically developed chipset, marked a pivotal moment in Huawei’s return to the high-end smartphone market.

The company experienced an 83 percent surge in smartphone shipments in October, contributing significantly to an overall 11 percent growth in the Chinese smartphone market during the same period, as per Counterpoint.

Looking ahead to 2024, Huawei emphasized its commitment to further developing its device business. The internal message outlined plans to concentrate efforts on creating top-tier products and cultivating a premium brand experience.

“Our ICT infrastructure business is the company’s ballast, and needs to continue serving in this role. That means making the most of its advantages across domains like computing, storage, and networking, and leveraging its systems engineering capabilities to provide end-to-end support for the digital and intelligent transformation of industries,” Ken Hu said.

“In particular, our carrier business needs to more effectively support the business success of our customers by helping them boost data traffic, innovate new services, and drive network evolution,” Ken Hu said.

Huawei acknowledged the persistent hurdles posed by geopolitical and economic uncertainties, as well as ongoing technology restrictions and trade barriers. To address these challenges, Ken Hu emphasized the company’s focus on enhancing operational efficiency. This includes initiatives aimed at streamlining headquarters, simplifying management structures, and ensuring consistent policies while adapting where necessary.

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