Huawei made a grand comeback at the Mobile World Congress in Barcelona in February 2024, with one of the largest displays on show. The Chinese telecommunications company reported an impressive net profit for 2023, more than doubling its previous year’s earnings. Huawei attributed its growth to better product offerings and a 9.6% year-on-year revenue increase to 704.2 billion yuan ($99.18 billion).
In 2023, Huawei made a remarkable comeback in the smartphone market with the release of its Mate 60 Pro in China in late August. Despite U.S restrictions on accessing high-end tech from American suppliers, the Mate 60 Pro was well-received for its download speeds associated with 5G. This helped boost Huawei’s sales in China, with smartphone shipments increasing by 47% in the fourth quarter, leading to a rise in market share.
The company’s intelligent automobile solutions business also saw impressive growth, with revenue increasing by an astounding 128.1% in 2023. Additionally, Huawei’s consumer business experienced growth, with revenue rising by a significant 17.3% to 251.5 billion yuan. In 2023, cloud revenue also grew significantly by nearly 22% to reach an astonishing 55.3 billion yuan