Huawei Technologies, the Chinese technology giant, has expressed optimism regarding its financial performance in 2023, projecting a revenue exceeding 700 billion yuan ($98.5 billion). This forecast reflects a significant 9% year-over-year growth compared to the reported 642.3 billion yuan in 2022. The announcement was made by the company’s rotating chairman, Ken Hu, in an internal new year message, signaling Huawei’s resilience following challenges posed by US sanctions, particularly in accessing advanced chips.
In his message, Hu expressed gratitude to partners and the Huawei team for their collective effort in overcoming obstacles, acknowledging the support received. He stated, “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 emphasized that the company has overcome challenges and is back on track after years of hard work.
Huawei’s positive outlook is fueled by the better-than-expected performance of its device business segment, including smartphones. The launch of the Mate60 series of smartphones in August, equipped with domestically developed chipsets, is considered a significant move marking Huawei’s return to the high-end smartphone market. Notably, Huawei’s smartphone shipments saw an 83% surge in October year-on-year, contributing to an 11% growth in the overall Chinese smartphone market during the same period, according to Counterpoint.
Looking forward to 2024, Huawei aims to strategically focus on expanding its device business, doubling down on developing best-in-class products and building a high-end brand with a human touch. However, the company acknowledges significant challenges ahead, citing “geopolitical and economic uncertainties” and the ongoing impact of technology restrictions and trade barriers. In response, Huawei plans to enhance the efficiency of its business operations through initiatives to streamline headquarters, simplify management, and ensure consistent policies while making necessary adjustments.
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