Huawei's smartphone revenue growth for the first time in 3 years

Huawei recently released its financial report for the first half of 2023, recording revenue of 310.9 billion yuan (US$42.96 billion), a 3.1% increase compared to the same period in 2022, with a profit margin of 15%, equivalent to approximately US$6.5 billion.

Of that total, revenue from the ICT Infrastructure and Consumer Devices business segments reached $23.1 billion and $14.3 billion, respectively. At the end of the first six months of the year, the Chinese technology company also recorded growth in its Cloud, Digital Energy, and Intelligent Automotive Solutions (IAS) segments.

Huawei is expanding its business into areas less reliant on high-end chips to mitigate the impact of the US ban.

These are all positive results recorded since the US administration under former President Donald Trump imposed a trade embargo on Huawei. Huawei's rotating chairwoman, Meng Wanzhou, stated: "In the first half of 2023, our ICT infrastructure business continued to be stable. The consumer electronics segment recorded growth, while the Cloud and Digital Power segments developed strongly. We also entered the smart connected vehicle sector to maintain our competitiveness in the market."

At the same time, 2023 was recorded as the first year Huawei returned to normal operations despite remaining external restrictions.

According to Yang Guang, Director of the Service Provider Group at market research firm Strategy Analytics, to avoid the impact of the US embargo, Huawei has made efforts to diversify its operations, focusing on sectors less dependent on high-end chips and then expanding into areas such as cloud services and digital energy. This helps businesses reduce carbon emissions, provides additional 5G base stations and core network equipment to major telecommunications operators, and signs patent licensing agreements.

Another highlight in the first half-year financial report, according to TechWire Asia , is that Huawei's smartphone revenue has grown again for the first time since the trade ban in May 2019. IDC's market research report shows that in the second quarter, Huawei returned to the top 5 largest smartphone manufacturers in China.

The P60 and Mate X3 smartphones ranked second on the list of best-selling high-end smartphones in their home market. Approximately 14.3 million Huawei devices were sold in China alone during the past six months, a 40% increase year-on-year, according to IDC.

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