Huawei says it is “back on track” after its revenue neared $100 billion for the year despite continuing US sanctions on the Chinese phone maker.
Sales surged to more than 700 billion yuan ($98.7 billion) in 2023, the company said Friday, representing 9% growth from the $642 billion yuan ($92.4 billion) reported in 2022. That’s thanks to what Huawei says is its “solid” information and communication technology infrastructure business as well as better-than-expected performance from its devices business, which includes smartphones. Â
Huawei’s latest earnings come as the company continues to grapple with years-long US sanctions that are aimed at restricting its access to American technology, particularly cutting-edge chips. This August, Huawei released its first 5G smartphone, representing a chipmaking breakthrough for Beijing, which has previously relied on US components for such devices.
“After years of hard work, we’ve managed to weather the storm. And now we’re pretty much back on track,” said Ken Hu, one of Huawei’s rotating chairmen, in an end-of-year message to staff. “We have to be aware that changes in the business environment are not caused by geopolitical conflict alone, but also by fluctuating global economic cycles.”
Huawei’s smartphone performance
Huawei said on Friday that its devices business surpassed expectations for 2023. It plans to “double down” on the business for 2024.Â
In August, Huawei announced the Mate 60 Pro smartphone, powered by a made-in-China chip that US sanctions were designed to prevent. The handset shocked industry experts who were perplexed by how Huawei could produce an advanced smartphone complete with 5G support without key American components. The phone indicated that Huawei and Chinese technology had reached a new degree of self-sufficiency. Â
The Mate 60…
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