Huawei reported net profits of CNY87 billion in 2023, up 144.5% year-on-year
Chinese vendor Huawei reported total revenues of CNY704.2 billion ($99.1 billion) in 2023.
In a release, the vendor also reported net profits of CNY87 billion in 2023, up 144.5% year-on-year.
In 2023, the company invested CNY164.7 billion back into R&D, which accounted for 23.4% of its annual revenue. Altogether, the vendor’s R&D investment over the past decade amounted to CNY1.11 trillion.
“The company’s performance in 2023 was in line with forecast,” said Ken Hu, Huawei’s rotating chairman. “We’ve been through a lot over the past few years. But through one challenge after another, we’ve managed to grow.”
The ICT infrastructure business generated CNY362 billion last year, up 2.3% year-on-year. The consumer business recorded CNY251.5 billion, surging 17.3% year-on-year.
Meanwhile, the cloud computing business recorded revenues of CNY55.3 billion in 2023, up 21.9% year-on-year. The digital power business generated revenues of CNY52.6 billion, up 3.5% year-on-year, while the intelligent automotive solution business generated CNY4.7 billion, up 128.1% versus the previous year.
Moving forward, Huawei said it will keep investing in technology and open innovation to advance technology and help different industries modernize.
“A new journey awaits us in 2024. We will create greater value for our customers and society by driving open innovation, building thriving ecosystems, and succeeding through quality,” Hu added.
Huawei launched what it claimed to be the world’s first “5.5G” intelligent core network during an event at MWC 2024 Barcelona.
The announcement was made by George Gao, president of Huawei cloud core network product line. Gao also noted that 2024 will be the first year for commercialization of 5.5G or 5G-Advanced.
Huawei believes that previous investments made by operators to deploy 5G network infrastructure will be protected with the future launch of 5G-Advanced. Huawei’s president of wireless solution, Cao Ming, previously said during a media roundtable at Huawei’s 14th Global Mobile Broadband Forum (MBBF), held In October 2023 in Dubai, in the United Arab Emirates.
The executive said that 5G-Advanced networks will not require large investments by operators in new network architecture and will be launched using 5G Standalone (SA) networks. He also said that Huawei is working with its partners to make sure that future 5.5G applications, devices and services will be fully compatible with current 5G networks.
Huawei had previously said that it planned to launch a complete set of commercial 5.5G network equipment in 2024.
