Chinese tech giant Huawei Technologies expects to report revenue growth of about 700 billion yuan ($98.5 billion) for 2023, as per rotating chairman Ken Hu in an internal new year message. Huawei Technologies Co.’s revenue surged 9% in 2023, capping a dramatic year for a Chinese technology powerhouse that challenged Apple Inc. and U.S. sanctions with a surprise breakthrough in chip technology.
Huawei revenue growth 2023
Huawei revenue growth figure indicates around 9% year-over-year growth from the 642.3 billion yuan reported in 2022.
The forecast offers further evidence that Huawei is rebounding after U.S. sanctions starting in 2019 crippled some of its business lines b y restricting access to critical global technologies such as advanced chips.
“Thanks to our partners across the value chain for standing with us through thick and thin. And I’d also like to thank every member of the Huawei team for embracing the struggle — for never giving up,” Hu said.
“After years of hard work, we’ve managed to weather the storm. And now we’re pretty much back on track.”
In the message sent to staff, Hu said Huawei’s device business segment sales, which includes its smartphone business, had performed better than expected in 2023.
Huawei smartphone sales
Huawei made a splash in 2023 after releasing a smartphone with a sophisticated made-in-China 7-nanometer Kirin processor, celebrated across the country over U.S. sanctions intended to hobble the country’s tech industry. The revelation ignited debate in Washington over whether those curbs had failed, and what more needed to be done.
Huaweimate 60 series launch
In a surprising move in August, Huawei launched its Mate60 series of smartphones, which are believed to be powered by a domestically developed chipset. The Huaweimate 60 series release was widely viewed as marking Huawei’s comeback into the high-end smartphone market after years of struggling under U.S. sanctions.
The Mate 60 Pro, the gadget housing the 7nm Kirin chip, has taken market share away from Apple’s iPhone 15 since its August launch. And Huawei has morphed into a major player in semiconductors, the very sector the Biden administration is focused on curtailing.
Huawei’s smartphone shipments surged 83% in October year-on-year, helping the overall Chinese smartphone market to grow 11% over the same period, according to Counterpoint.
Huawei revenue growth forecast
Going into 2024, Huawei may have to contend with technological advances that will become more difficult as already-scarce critical components for chipmaking, such as equipment, become further strained.
Commerce Secretary Gina Raimondo has said the U.S. will take the “strongest possible” action to protect its national security when asked how she will respond to Huawei’s breakthrough. Looking ahead to 2024, Huawei said in the letter the device business would be one of the major business lines it would focus on for expansion. Still, Huawei acknowledged that it faces significant challenges.
“Geopolitical and economic uncertainties abound, while technology restrictions and trade barriers continue to have an impact on the world,” Hu noted.
To tackle these challenges, Hu said Huawei would focus on strengthening the efficiency of its business operations. This included initiatives to “streamline HQ, simplify management, and ensure consistent policy, while making adjustments where needed.”
