Huawei presented one of the largest displays at the Mobile World Congress in Barcelona in February 2024.
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BEIJING — Chinese telecoms company Huawei said on Friday its net profit for 2023 more than doubled due to improved product offerings.
The company also attributed the profit growth to a 9.6% year-on-year rise in revenue to 704.2 billion yuan ($99.18 billion). Net profit rose 114.5% year on year to 87 billion yuan.
The higher quality of operations and sales of some businesses also contributed to profitability, Huawei said.
The telecom company returned to the smartphone market in 2023 with the launch of its Mate 60 Pro in China at the end of August. Reviews have shown that the device delivers 5G-matching download speeds thanks to its advanced semiconductor chip. This is despite restrictions imposed in the United States since 2019 on Huawei’s access to advanced technologies from American suppliers.
The Mate 60 Pro helped boost Huawei’s sales in China. In the fourth quarter Huawei smartphone shipments to the country increased by 47% compared to last year, placing the company in fourth place in terms of market share, ahead of Xiaomi, according to Canalys. Apple retained its top spot with shipments growing 6% year over year, the data showed.
Huawei’s revenue rose 0.9% to 642.3 billion yuan in 2022 as the company stabilized its business in a difficult year after sales fell more than 28% in 2021. Net profit fell 69% in 2022, the biggest drop ever. . At the time, the company cited rising raw material prices, China’s fight against the pandemic and rising research and development costs.
Huawei also said on Friday that revenue for its smart vehicle solutions business rose 128.1% year-on-year to 4.7 billion yuan.
The company sells software and other technology to auto companies. The company has also partnered with automaker EV brand Aito.
Huawei said its consumer business revenue grew 17.3% year-on-year to 251.5 billion yuan in 2023.
ICT remains Huawei’s largest source of revenue, with revenue of 362 billion yuan in 2023, up 2.3% from a year ago.
Cloud computing revenue rose nearly 22% to 55.3 billion yuan.
— CNBC’s Arjun Harpal contributed to this report.