Huawei has reported its 2023 performance with overall results matching the company’s estimates. Total revenue reached 704 billion yuan, marking a 9.6% increase from 2022, while net profit stood at 87 billion yuan, reflecting a substantial 144.5% rise.
Revenue breakdown by business groups reveals the following: the ICT infrastructure segment, Huawei’s core business, generated 362 billion yuan, up by 2.3%; the Consumer group achieved 252 billion yuan, showing a notable 17.3% increase; the Cloud group recorded 553 billion yuan, marking a significant 21.9% growth; the Digital Power segment reached 526 billion yuan, rising by 3.5%; and the Intelligent Automotive Solution group reported 47 billion yuan, a substantial 128.1% surge.
The strong growth in the Consumer business can be attributed to the success of the Mate 60 smartphone series, while the HarmonyOS 4 operating system has been adopted in over 800 million devices worldwide.
Source: Huawei and CNBC
TLDR: Huawei’s 2023 performance saw a significant increase in revenue and net profit, driven by growth in various business segments, particularly the Consumer group, driven by the success of the Mate 60 series and HarmonyOS 4 adoption in millions of devices globally.
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