From CNBC: 2024-03-29 04:17:20

Huawei’s net profit doubled in 2023, reaching 87 billion yuan with a 9.6% revenue growth to 704.2 billion yuan. The Mate 60 Pro release in China boosted smartphone sales by 47% in the country, moving Huawei to fourth place in market share.

Despite U.S. restrictions, Huawei’s quiet Mate 60 Pro release in China boosted sales by 47% in the fourth quarter. The company’s revenue grew by 0.9% in 2022 and net profit fell by 69%, the largest drop on record, citing rising commodity prices and pandemic controls.

Huawei’s intelligent automobile solutions business saw revenue grow by 128.1% to 4.7 billion yuan from a year ago. Consumer business revenue grew by 17.3% to 251.5 billion yuan in 2023, with ICT as the biggest revenue driver at 362 billion yuan.

Cloud revenue for Huawei grew by nearly 22% to 55.3 billion yuan in 2023. The company also sells software and technology to car companies, partnering with an automaker for the Aito electric car brand.

Read more: Huawei’s profit doubled in 2023 as smartphone, autos business picked up