Huawei, the Chinese telecommunications giant, made a splash at the Mobile World Congress in Barcelona in February 2024 with one of the largest displays at the event. The company showcased its latest products and innovations, drawing attention from industry experts and tech enthusiasts alike.
This impressive display comes on the heels of Huawei’s announcement that its net profit for 2023 more than doubled, thanks to better product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($99.18 billion). The company reported a net profit increase of 144.5% to 87 billion yuan, attributing the gains to higher quality operations and sales of some businesses.
Huawei’s comeback in the smartphone market in 2023 was highlighted by the release of its Mate 60 Pro in China, which boasted advanced semiconductor technology enabling 5G download speeds. Despite U.S. restrictions on accessing high-end tech, Huawei’s smartphone shipments in China surged by 47% in the fourth quarter, placing the company in fourth place by market share.
In addition to its success in the smartphone market, Huawei’s intelligent automobile solutions business saw a revenue increase of 128.1% in 2023, while its consumer business revenue grew by 17.3%. The company’s ICT and cloud services also experienced revenue growth, solidifying Huawei’s position as a major player in the global tech industry.
With a strong financial performance and innovative product offerings, Huawei continues to make waves in the technology world, showcasing its resilience and adaptability in a competitive market.
