Huawei said that in 2023, revenue increased 9.63% compared to 2022 to 704.2 billion yuan ($97.48 billion). Net profit increased 144.5% to 87 billion yuan, with profit margin more than doubling to 12.35%.

Huawei headquarters in Paris, France on February 9. Photo: Reuters

The consumer segment accounted for the bulk of revenue, growing 17.3% to 251.49 billion yuan. While the company did not provide details, the segment includes the handset business, which saw a recovery last year thanks to its return to the 5G smartphone market with the Mate 60.

Since 2019, the US has restricted Huawei's access to US technology, alleging that Huawei is a national security risk.

2023 marks the Chinese tech giant’s third consecutive year of growth since revenue fell by nearly a third in 2021. Still, Huawei’s revenue is below its 2020 peak of 891.3 billion yuan.

Huawei has been relatively quiet about its performance. In a press release, rotating chairman Ken Hu said the results were in line with expectations. “We have overcome many things in the past few years. Despite one challenge after another, we have continued to grow,” the release said.

At an event in 2023, Meng Wanzhou, daughter of Huawei's founder and CFO, declared that Huawei was no longer in "crisis mode."

While the core ICT infrastructure segment remained stable, the cloud division grew more than 20%, generating revenue of 55.3 billion yuan. The four-year-old smart car software and components division also grew strongly, up 128.1% to 4.7 billion yuan.

Last year, Huawei announced that it would spin off its smart car division into a new company. Earlier this month, Richard Yu, CEO and president of Smart Car Solutions, said the division is likely to be profitable from April after losing billions of yuan last year.

(According to Reuters)