Huawei 'back on track' with revenue growth in 2023

Huawei Technologies is back on track with revenue growth of about 9 percent in 2023, but it still faces geopolitical and economic uncertainties in the future, the company said in a New Year letter published on Friday.

In 2023, Huawei expects to wrap up the year with over 700 billion yuan (US$99.18 billion) in revenue. In comparison, Huawei's revenue in 2022 reached 642.3 billion yuan, which means a 9 percent growth this year based on Shanghai Daily's calculation.

"We've managed to weather the storm and now we're pretty much back on track," Ken Hu, Huawei's rotating chairman, said in the letter.

Credit: Zhu Shenshen / SHINE

Huawei's ICT (information, communications and technology) infrastructure business remained solid and its device business surpassed expectations, probably fueled by sales of popular 5G models of its Mate 60 series. Its digital power and cloud businesses were growing steadily, and intelligent automotive solutions had become more competitive.

Hu warned that there were still serious challenges ahead, as "geopolitical and economic uncertainties abound, while technology restrictions and trade barriers continue to have an impact on the world".

Huawei may continue benefiting from the trends of digital, intelligent, and low-carbon transformation around the world, according to the newsletter.