In 2023, Huawei made a remarkable showing at the Mobile World Congress in Barcelona, bringing one of the largest displays to the event. The Chinese telecommunications company reported that its net profit for 2023 more than doubled, which it attributed to better product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($99.18 billion). Net profit saw a significant increase of 114.5% year-on-year to 87 billion yuan.
Huawei credited higher quality operations and sales of certain business segments for contributing to its profitability. In 2023, the company made a comeback in the smartphone market with the release of its Mate 60 Pro in China in late August. Despite U.S. restrictions on accessing high-end tech from American suppliers, the Mate 60 Pro was well-received for its download speeds associated with 5G. This helped boost Huawei’s sales in China, with smartphone shipments in the country increasing by 47% in the fourth quarter, leading to a rise in market share.
In recent years, Huawei has faced challenges due to rising commodity prices and other factors that led to a significant drop in net profit by
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