Huawei expects 9% revenue growth in 2023 – Reuters

According to Reuters, Huawei expects to report revenue exceeding 700 billion yuan ($98.5 billion) for 2023.

The publication said the company’s rotating chairman, Ken Hu, revealed the number in an internal new year message, which it has seen. It represents around 9% growth compared to last year, which came in at 642.3 billion yuan.

Reuters revealed that Hu thanked the company’s partners across the value chain and its own team members “for embracing the struggle – for never giving up.”

U.S. sanctions that began in 2019 impacted the company significantly, restricting access to vital global technologies. Hu is said to have added that the company has managed to weather the storm and that they are now “pretty much back on track.”

Huawei’s device business segment, which includes its smartphone business, performed better than expected in 2023, according to Hu. The company launched its Mate60 series of smartphones in August, which created strong hype. It was seen as Huawei’s re-entry into the high-end smartphone market.

In 2024, Reuters said Huawei stated its device business will be one of the business lines it will aim to expand, although it acknowledged various challenges, such as geopolitical and economic uncertainties, could still pose an issue.