Huawei reported its revenues in 2023 would expand by nearly 9% year-on-year
Chinese vendor Huawei Technologies expects to report revenue exceeding CNY 700 billion ($98.5 billion) for 2023, according to comments from the company’s rotating CEO Ken Hu in an internal new year message.
The figure indicates around 9% year-over-year revenue growth from the CNY642.3 billion reported in 2022.
“After years of hard work, we’ve managed to weather the storm. And now we’re pretty much back on track. Our ICT infrastructure business has remained solid, and results from our device business surpassed expectations. Both our digital power and cloud businesses are growing steadily, and our intelligent automotive solutions have become significantly more competitive,” the executive said.
“Thanks to our partners across the value chain for standing with us through thick and thin. And I’d also like to thank every member of the Huawei team for embracing the struggle – for never giving up,” Hu added.
The executive also stressed the fact that Huawei needs to invest its limited resources in the most critical strategic domains. “In recent times, breakthroughs in foundation models have been transforming AI from scenario-based customization at a workshop level to large-scale development and application at an industrial level. Growing adoption of foundation models will demand an incredible amount of computing power. So we need to build a leading computing backbone to help all industries thrive.”
“In 2024, all business units should focus on creating value and growing the harvest. Our ICT infrastructure business is the company’s ballast, and needs to continue serving in this role. That means making the most of its advantages across domains like computing, storage, and networking, and leveraging its systems engineering capabilities to provide end-to-end support for the digital and intelligent transformation of industries,” said Hu.
Huawei had generated revenues of CNY456.6 billion in the first three quarters of the year, climbing 2.4% year-on-year.
The vendor highlighted that its consumer business achieved revenue growth during the period, without providing specific figures. It added that its digital power and cloud businesses both experienced strong growth during the January to September period.
In a release, Huawei also said it recorded a net profit margin of 16% during the period, compared with 6.1% in the same period last year.
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