Chinese giant Huawei Technologies expects its revenue to exceed 700 billion yuan ($98.5 billion) in 2023, its rotating chairman Ken Hu said in an internal New Year message seen by Reuters.
The figure represents revenue growth of about nine percent year-on-year, compared to 642.3 billion yuan announced in 2022.
The forecasts provide further evidence of Huawei’s recovery after US sanctions that began in 2019 crippled some of its business lines by restricting access to important global technologies such as advanced chips.
“After years of hard work, we have weathered the storm. Now we are back on track,” its president said.
In the letter sent to employees, he said Huawei’s hardware sector, which includes its smartphone business, performed better than expected in 2023.
Huawei’s smartphone shipments rose 83 percent in October year-on-year, helping the overall Chinese smartphone market grow 11 percent over the same period, according to market research firm Counterpoint.
Looking forward to 2024, Huawei said in the letter that the hardware business will be one of the key business lines it will focus on for expansion.
Despite this, Huawei acknowledged in the letter that it faces major challenges.
Its president noted that “there are many geopolitical and economic uncertainties, while technological constraints and trade barriers continue to affect the world.”
2023-12-29 04:48:33
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