Huawei doubles profit in 2023

Huawei doubles profit in 2023

Huawei reported net profit more than doubled in its 2023 financial year to CNY87 billion (US$13.4 billion) as it saw revenue growth across its multiple arms.

In its report, the Chinese vendor stated its ICT infrastructure business generated revenue of CNY362 billion an increase of 2.3% and its consumer unit was up by 17.3% to CNY251.5 billion. 

Cloud computing surged 21.9% to CNY55.3 billion, digital power earned 52.6 billion (up 3.5%) and intelligent automotive solutions more than doubled its revenue year-on-year by a rate of 128.1% to CNY4.7 billion. 

Overall revenue was CNY704 billion, up from CNY642 billion a year ago. The company invested CNY164.7 billion into R&D which accounted for 23.4% of revenue. In the past decade, Huawei has invested over CNY1.11 trillion into its R&D division. 

Huawei Rotating Chairman Ken Hu said the results met forecast expectations. 

"We've been through a lot over the past few years. But through one challenge after another, we've managed to grow. The trust and support of our customers, partners, and friends around the world is what helped us keep going, keep surviving, and keep growing," said Hu. 

Huawei was hit with US trade restrictions beginning in 2019. Restriction prevented US companies from selling software and equipment to the Chinese vendor, which most notably prevented Huawei mobile devices from using Google’s Android OS. 

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