Huawei is Back to Nearly $100 Billion Revenue in 2023

Huawei, which endured years of decline due to geopolitical strife and US sanctions, saw its revenue soar in 2023, nearly reaching $100 billion. This marks a 9% increase from the $92.4 billion recorded in 2022 but still falls short of the $123 billion Huawei achieved in 2019.

A major factor in this resurgence was the success of the Mate 60 Pro smartphone, which enjoyed a strong consumer response despite restrictions on China's access to foreign chips.

The launch of this smartphone allowed Huawei to gain market share from Apple in China, increasing its share from 10% in the first quarter to 14% in the third quarter, while Apple's market share decreased from 20% to 15% during the same period.

Despite this success, Huawei Chairman Ken Hu cautioned that significant challenges remain, including restrictions imposed due to ongoing geopolitical tensions and trade barriers.

Analysts predict Huawei will continue to grow in 2024 if it can expand the production of devices powered by Kirin chips, found in the Mate 60 Pro.

What does this mean for me?

Huawei's recovery demonstrates its resilience in the face of adversity and its ability to adapt and innovate despite significant challenges. The company's focus on the mid-range segment with new Nova smartphones also offers promise due to its more affordable pricing.

Huawei's positive outlook contrasts with previous concerns about its survival. The company hopes to continue its success by bolstering production and capitalizing on opportunities in the smartphone market.