Huawei expects revenue growth of 9% in 2023 supported by ‎smartphone sales

Chinese giant Huawei Technologies expects its revenues to exceed $98.5 billion in 2023, as the number represents revenue growth of about 9% on an annual basis compared to 642.3 billion yuan announced in 2022.

According to Reuters, the forecasts provide additional evidence of Huawei’s recovery after US sanctions that began in 2019 hindered some of its business lines by restricting access to important global technologies such as advanced chips.

The company’s president said, “After years of hard work, we were able to weather the storm.” Now we are back on the right track.”

In the letter sent to employees, he said that Huawei’s hardware sector, which includes its smartphone business, performed better than expected in 2023.

Huawei’s smartphone shipments rose 83% in October year-on-year, which helped the overall Chinese smartphone market grow 11% during the same period, according to market research firm Counterpoint.

Looking to 2024, Huawei said in the letter that the hardware business will be one of the main business lines it will focus on for expansion.

Despite this, Huawei acknowledged in the letter that it faces major challenges

Its president pointed out that “there are many geopolitical and economic uncertainties, while technological restrictions and trade barriers continue to affect the world.”