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Huawei generated $97.48 billion in revenue and $12.05 billion in profit - business recovers from 2019 U.S. sanctions

Huawei generated $97.48 billion in revenue and $12.05 billion in profit - business recovers from 2019 U.S. sanctions
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In 2023, Huawei Technologies demonstrated the fastest revenue growth in the past 4 years. This was achieved thanks to the recovery of the consumer segment and income from new activities, such as components for smart cars. All this accelerated its recovery after US sanctions.

In 2023, Huawei's revenue was $97.48 billion, which is 9.63% more compared to the previous year. The biggest contribution to this figure was made by the consumer business, which grew by 17.3% to $34.83 billion. This segment includes the smartphone business, which experienced a renaissance last year when the company returned to the main market with 5G smartphones like the Mate 60, apparently overcoming US restrictions that had been in place since 2019. While the company's core ICT infrastructure business remained stable, its cloud business grew by more than 20%, bringing in $7.66 billion in revenue. Huawei's business in creating software and components for smart cars, launched about 4 years ago, also demonstrated significant growth - by 128.1% compared to the previous year, amounting to $0.65 billion.

2023 marked the third consecutive year of growth for Huawei after revenue fell by almost a third in 2021 when the company began to deplete its chip reserves. However, revenue has not yet recovered to the peak level of 2020.

Huawei's net profit in 2023 increased by 144.5% to $12.05 billion, with profitability more than doubling compared to the previous year - reaching 12.35%.

Part of these outstanding financial indicators is due to the current payments from the sale of the Honor smartphone brand, which took place back in November 2020.

Source: reuters

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