Huawei Revenue Rises Modestly Despite US Sanctions, Bolstered by Smartphone and Electric Car Sales

Huawei's 2023 Q3 report shows a 177.8% profit increase owing to payments related to 2020 Honor smartphone unit sale and management overhaul. Surprisingly, electric vehicle brand 'Aito' orders surpass 70k, pushing third-quarter growth.

Huawei Technologies recorded a modest revenue increase in the first three quarters of 2023, boosting revenues up to 2.4% from the previous year, amounting to 456.6 billion yuan ($62.4 billion).
Notably, Huawei's profits surged by a substantial 177.8%, heavily influenced by the payments received from the sale of its Honor smartphone unit in 2020, as well as strategic alterations in management and sales.
Huawei's recently launched Mate 60 series spurred a significant rise in third quarter smartphone sales, with a reported 37% year-on-year increase, according to research firms.
The company has successfully made strides in the electric vehicle sector as well, with Huawei-backed electric-vehicle brand Aito receiving more than 70,000 orders for its revamped M7 model.
Despite US sanctions causing significant limitations, Huawei was able to adapt and diversify its business approach, expanding its digital power, cloud and vehicle components businesses, and propelling its patent licensing business with noteworthy deals with Xiaomi and Ericsson covering 5G connectivity.