The Shenzhen-based conglomerate said Friday it expects to bring in more than 700 billion yuan ($99 billion) in revenue in 2023, partly off a stronger than expected performance in its electronics business. That is a 9% jump from the 642.3 billion yuan ($92.4 billion) recorded in 2022.
It is, however, still below the approximate $123 billion Huawei logged in 2019.
We have successfully weathered the storm after years of arduous work. And now we’re pretty much back on track,” Huawei’s rotating chairman, Ken Hu, said in a year-end message to employees.
The strong performance comes after the launch of Huawei’s Mate 60 Pro smartphone in August, which had shocked industry experts who didn’t understand how the company would have the technology to make such an advanced device following sweeping efforts by the United States to restrict China’s access to foreign chips.
According to Counterpoint Research, Huawei has been able to steal market share from Apple (AAPL) in China thanks to the enthusiastic reception that the smartphone has received from consumers.
Huawei ranked fifth in the Chinese market as of the end of September, growing its share from 10% in the first quarter to 14% in the third quarter. Apple, meanwhile, saw its slice of the pie shrink from 20% to 15% in the same period.
Without giving any specifics, Hu stated in his memo that Huawei’s device business results “surpassed expectations.”
The Chinese company was once the world’s second-biggest seller of smartphones but lost its position after crippling US sanctions in recent years that impeded its ability to For a considerable time, American official
They have maintained that Huawei is a threat to national security because the Chinese government might snoop on people using the company’s gear. could use the company’s equipment to spy. The company has repeatedly denied those allegations and has tried to improve its standing in Washington.
This year, however, Huawei has started to find its way back.
