$ 92.37 billion in revenue and the highest percentage of spending in the company’s history on research and development
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Huawei published its annual report and audited financial results for the year 2022, which showed that the company maintained the stability of its operations over the past year, achieving revenues of $ 92.37 billion, and net profits of $ 5.12 billion.
Among the highlights of the report is Huawei’s continued investment in research and development to provide more innovations as a solution to challenges, as its annual spending on research and development reached $23.22 billion in 2022, equivalent to 25.1% of the company’s annual revenue. Huawei’s total expenditures on research and development over the past 10 years amounted to more than 140.55 billion US dollars.
“Huawei’s operations continued to be challenged over the past year posed by difficult circumstances and changes not related to the market,” Eric Xu, Huawei’s regular chairman, said at the annual report press conference. He added, “We continued to grow our business despite the difficult circumstances and made great efforts to continue business, provide services to our customers and achieve profits – to maintain stable revenues in order to provide solid foundations for the development of our business in the future.”
The press conference was attended by Sabrina Ming, Chief Financial Officer of Huawei, who said: “Despite the significant pressures and challenges in 2022, our revenues and overall business results were in line with expectations. At the end of 2022, the average debt ratio was 58.9% and the net cash flow reached 25.35 billion.” USD.In addition, total assets amounted to USD 0.14 trillion, which largely consists of current assets such as cash, short-term investments and operating assets.The company continues to have a strong financial position, with great resilience.In 2022, our total spending on Research and development amounted to $23.22 billion, the highest in the company’s history, accounting for 25.1% of our annual revenue. In periods when we face challenges, we continue our work with strength and confidence.”
Revenues of the business groups “Huawei Carrier” for telecom networks, “Huawei Enterprise” for the enterprise sector and “Huawei Consumer” for consumer devices amounted to $ 40.84 billion, $ 19.15 billion and $ 30.84 billion, respectively, in 2022. Huawei plays a big role in growing business in collaboration with its ecosystem partners and trusts that openness and collaboration contribute to mutual success. The company continued to enhance the capabilities of its platforms, including the Harmony OS operating system and the cloud computing platform, focus on developers, and enable and support ecosystem partners in all areas, as Huawei is currently cooperating with more than 9 million developers and more than 40,000 partners in the ecosystem in order to promote innovation by relying on on the ecosystem and bring greater value to customers.
“We must make more efforts in 2023 to continue business and promote sustainable development. We are confident that the challenges give us more determination and opportunities to achieve more success,” Xu said.
