Chinese tech giant, Huawei Technologies, has forecasted revenue exceeding 700 billion yuan ($98.5 billion) for the year 2023, marking a 9% year-over-year growth from the 642.3 billion yuan reported in 2022.
Huawei’s rotating chairman, Ken Hu, shared this forecast in an internal New Year message to staff, while noting the company’s resilience and rebound following U.S. sanctions imposed in 2019. The sanctions had initially crippled some of Huawei’s business lines by limiting access to critical global technologies, particularly advanced chips.
Huawei’s device business segment, including its smartphone business, outperformed expectations in 2023, according to Hu’s message. The company’s smartphone shipments surged by 83% in October year-on-year, with the release of the Mate60 series of smartphones being a major factor in its return to the high-end smartphone market.
In the message, Hu noted that the device business would be a major focus for expansion in 2024, calling for a commitment to developing top-notch products and building a high-end brand. However, Huawei acknowledged the significant challenges it faces due to geopolitical and economic uncertainties, ongoing technology restrictions, and trade barriers.
To address these challenges, Huawei plans to enhance the efficiency of its business operations, including streamlining its headquarters, simplifying management, and ensuring consistent policies.
Despite the obstacles, Huawei’s positive revenue outlook for 2023 indicates progress in its efforts to navigate the challenging business environment and recover from the impact of sanctions.