In February 2024, Huawei showcased one of the largest displays at the Mobile World Congress in Barcelona. The Chinese telecommunications company reported that its net profit for 2023 more than doubled, attributing this success to better product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($99.18 billion).
Despite facing restrictions on accessing high-end technology from American suppliers since 2019, Huawei made a comeback in the smartphone market with the release of the Mate 60 Pro in China in late August 2023. The device offered download speeds associated with 5G, thanks to an advanced semiconductor chip. This led to increased sales in China, with Huawei’s smartphone shipments in the country surging by 47% in the fourth quarter, moving the company to fourth place in market share ahead of Xiaomi.
In recent years, Huawei has faced numerous challenges due to various factors such as rising commodity prices and increased research and development spending. In 2022, Huawei’s revenue grew by just 0.9% to 642.3 billion yuan after a tough year in 2021 that saw a significant sales decline. Net profit fell by an astonishing 69% in 2022, marking the largest drop on record. However, despite these challenges, Huawei’s intelligent automobile solutions business experienced a remarkable revenue growth of 128.1% in
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