Huawei says its revenue increase in the first three quarters of 2023, mobile business regains momentum

• Huawei posts revenue increase in the first three quarters of 2023
• The company posted a 2.4% yearly growth

Huawei today announced slight revenue growth for the first three quarters of 2023 in the business results shared by the company.

The company achieved sales revenue of 456.6 billion yuan (62 billion USD), this is a 2.4% year-on-year increase as compared to the first three quarters of 2022. The Chinese tech company also posted a network profit margin of 16% in the past three quarters.

Compared to this, Huawei achieved a sales revenue of 310.9 billion yuan in the first half of this year with a year-on-year increase of 3.1% and a net profit margin of 15.0%.

The first half of business results include CT infrastructure business revenue was 167.2 billion yuan, terminal business revenue was 103.5 billion yuan, cloud computing business revenue was 24.1 billion yuan, digital energy business revenue was 24.2 billion yuan, and smart car solution business revenue was 10 billion yuan.

Since 2019, Huawei has been subject to wide US restrictions, and its business crumbled with the initial year of the industry-wide ban. Over the past three years, Huawei established alternative supply chains and proposed a business portfolio to new customers.

On the other hand, its research and development of new technologies helped the company to resolve a few key issues in its production manufacturing.

Huawei also launched a new Mate 60 Pro smartphone in August this year, which comes with an advanced Kirin chipset. The phone has 5G network access thanks to its new chip, which is raising eyebrows in Washington.

Although, the Huawei Mate 60 Pro was introduced in the mid-third quarter but the company may see its effect in Q4. Therefore the revenue change in the first three quarters of 2023 is heavily influenced by the cloud and other terminal businesses of Huawei.

Ken Hu, Rotating Chairman of Huawei said that the latest results are in line with the company’s forecast. Ken also said that Huawei will continue to grow investment in critical areas such as research and development of new technologies and launch new products.

“I’d like to thank our customers and partners for their ongoing trust and support. Moving forward” said Ken.

(source)