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Huawei’s Projections: 9% Revenue Growth Amid Smartphone Surge

Huawei’s Projections: 9% Revenue Growth Amid Smartphone Surge

According to an internal message from rotating chairman Ken Hu, Huawei Technologies anticipates surpassing 700 billion yuan ($98.5 billion) in revenue for 2023, marking a 9% increase from the previous year’s 642.3 billion yuan, as reported by Reuters.

The projected figures signal a significant rebound for Huawei following the restrictive U.S. sanctions that disrupted crucial business avenues, particularly access to vital global technologies like advanced chips.

Acknowledging the challenging times, Hu credited the company’s resurgence to unwavering support from partners and the unwavering dedication of the Huawei team. “We’ve weathered the storm through hard work and are now firmly back on track,” Hu expressed.

Huawei’s device business, notably its smartphone division, outperformed expectations in 2023. The release of the Mate60 series, speculated to operate on a domestically developed chipset, marked a pivotal moment, signifying Huawei’s re-entry into the high-end smartphone market after a period of struggle under U.S. sanctions.

The company experienced an impressive 83% surge in smartphone shipments in October, contributing significantly to the overall 11% growth in the Chinese smartphone market during the same period, as per Counterpoint’s data.

Looking to the future, Huawei outlined its intention to prioritize the device business for expansion in 2024. “Our focus will be on crafting superior products and nurturing a high-end brand that resonates with consumers,” the internal message highlighted.

However, amid these positive projections, Huawei recognized the substantial hurdles ahead. “Geopolitical and economic uncertainties persist, while technological limitations and trade barriers continue to impact the global landscape,” Hu cautioned.

To counter these challenges, Huawei aims to streamline its business operations, emphasizing efficiency. Initiatives include “simplifying management structures, optimizing headquarters, and ensuring consistent policies, while adapting where necessary,” Hu elaborated.


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