In a year-end message, Huawei Rotating Chairman Ken Hu said the company expects to end 2023 with 700 billion yuan ($98.91 billion) in revenue. This is a 9% increase from the 642.33 billion yuan ($90.75 billion) the company reported in 2022. He said the company’s ICT infrastructure business has remained solid, and results from its device business surpassed expectations.
Huawei surprised the tech community in August when it unveiled its new Mate 60 Pro smartphone, which has advanced silicon that appears to have been manufactured in China.
According to Counterpoint Research, Huawei's smartphone shipments surged 83% in October year-on-year. And in November, Counterpoint China analyst Archie Zhang said, “The company is posting some very good growth numbers [for smartphones]. We expect it will grow by more than half this year, but that still doesn’t bring them close to pre-COVID levels. But it’s signaling a promising 2024.”
Several years ago, Huawei’s smartphone business was competing strongly with Apple and Samsung for market share. But that changed in 2019 when the U.S. restricted Huawei’s access to chip manufacturing tools needed to make chips for the most advanced smartphones.
“After years of hard work, we've managed to weather the storm. And now we're pretty much back on track,” said Hu.
Going into 2024, Hu said, “Our device business needs to double down on its commitment to developing best-in-class products and building a high-end brand with a human touch. The device business should also work with partners to accelerate the development of native HarmonyOS mobile apps, achieve historical breakthroughs in the HarmonyOS ecosystem and provide consumers with an inspired experience across all scenarios.”
ICT infrastructure business
Hu said Huawei’s ICT infrastructure business “is the company's ballast, and needs to continue serving in this role.” He said, “Our carrier business needs to more effectively support the business success of our customers by helping them boost data traffic, innovate new services and drive network evolution.”
Although the company is unable to sell its telecom products in the United States and many European countries, it has won new telecom business in other countries. In Hu’s statement, he cited business in Indonesia, Burkina Faso and Latin America.
In terms of overall strategy for 2024, Hu said, “We will continue to delegate operational authority to field offices, whereas our budget management will be centralized. We will continue to push forward with our transformation project for contract reviews and conclusions at the rep office level, giving rep offices the autonomy to manage operations and make their own decisions.”