Huawei to reach nearly $100 billion in revenue in 2023

According to Bloomberg, Huawei's revenue reached $98.7 billion in 2023. The revival of its smartphone business and sales of 5G equipment helped Huawei achieve its fastest growth rate in many years.

Huawei’s most notable breakthrough in 2023 is the launch of the Mate 60 smartphone series, which supports 5G and is equipped with a chip made in China. This chip quickly sparked heated debate in the US. Some people believe that the US government has failed to restrain Huawei and that sanctions need to be tightened further.

Huawei's progress forces US to tighten sanctions

Huawei was once one of the world's leading smartphone makers. After being blacklisted by the US in 2019, the company's sales and stock price quickly plummeted. However, Huawei has rebounded strongly and has become a symbol of China's determination to overcome the US ban.

Ken Hu, rotating chairman of Huawei, said that after years of hard work, the company has weathered the storm and is now almost back on track. Hu stressed that changes in the business environment are not only caused by geopolitical issues but also by fluctuations in the global economic cycle.

The Chinese government and state-owned telecom carriers have been aggressively supporting Huawei since the ban, with the tech giant winning lucrative contracts in 5G and cloud computing, and other entities buying up Huawei’s underperforming businesses.

According to the Semiconductor Industry Association (SIA), Huawei is setting up a network of chip factories and receiving an estimated $30 billion in funding from the Chinese government and the city of Shenzhen, where the company is headquartered.

However, the challenges for Huawei are not over yet. Going into 2024, Huawei will continue to face the US's persistent campaign to contain China. US Secretary of Commerce Gina Raimondo said the US will take the strongest possible measures to protect national security. In addition, maintaining Huawei's technological momentum is becoming more difficult as important components in the chip manufacturing process become increasingly scarce.

To ensure its technological leadership, Huawei aims to expand its investment in emerging technologies such as artificial intelligence (AI). Hu said Huawei needs to proactively seize this opportunity and invest resources in the most important strategic areas. Huawei's overall strategic direction is to continue to simplify management and ensure policy consistency, while making adjustments when necessary.

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