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Huawei's Profit More Than Doubles in 2023, Driven by Smartphone and Cloud Business Growth

Despite US sanctions, Huawei reports substantial growth in net profit and revenue, with significant advancements in the smartphone and cloud computing sectors.

Overview

  • Huawei's net profit for 2023 more than doubled, reaching 87 billion yuan ($12 billion), marking a significant financial turnaround.
  • Revenue increased by 9.6% to 704.2 billion yuan ($99 billion), driven by strong sales in the smartphone and cloud computing sectors.
  • The Mate 60 Pro smartphone series, featuring a domestically produced advanced chip, significantly contributed to Huawei's resurgence in the high-end smartphone market.
  • Investments in research and development reached a record high of 164.7 billion yuan ($22.8 billion), emphasizing Huawei's commitment to innovation.
  • Despite ongoing US sanctions, Huawei's strategic diversification into cloud computing and intelligent automobile solutions has bolstered its financial performance.