Huawei Expects Revenue to Exceed $98.5 Billion in 2023
Positive Revenue Forecast for Huawei
Chinese tech giant Huawei Technologies is projecting revenue of more than 700 billion yuan ($98.5 billion) for 2023, according to comments from rotating chairman Ken Hu in an internal new year message. This figure indicates a 9% year-over-year revenue growth from the 642.3 billion yuan reported in 2022.
Rebounding from U.S. Sanctions
Huawei’s positive forecast provides evidence of the company’s recovery following U.S. sanctions that restricted access to critical global technologies such as advanced chips, crippling some of its business lines. Hu expressed gratitude to the company’s partners for supporting them during tough times and thanked the Huawei team for their resilience and dedication.
Resilience in the Smartphone Market
Huawei’s device business segment, including its smartphone business, surpassed expectations in 2023. The launch of the Mate60 series of smartphones, believed to be powered by a domestically developed chipset, marked Huawei’s strong comeback into the high-end smartphone market after years of struggling under U.S. sanctions. In October, Huawei’s smartphone shipments surged 83% year-on-year, contributing to an 11% growth in the overall Chinese smartphone market, according to Counterpoint.
Focus on Device Business for Expansion
Looking ahead to 2024, Huawei is prioritizing the expansion of its device business. The company aims to develop best-in-class products and build a high-end brand with a human touch. Despite these plans, Huawei acknowledges significant challenges due to geopolitical and economic uncertainties, technology restrictions, and trade barriers.
Efficiency Initiatives
To tackle these challenges, Huawei plans to strengthen the efficiency of its business operations through initiatives such as streamlining headquarters, simplifying management, and ensuring consistent policy while making necessary adjustments.
