Huawei’s Net Profit Surges Due to Improved Product Offerings, Successful Smartphone Launch and Growing Intelligent Automobile Solutions Business.

At the Mobile World Congress in Barcelona in February 2024, Huawei showcased one of the largest displays attracting attention. The Chinese telecommunications company reported a significant increase in net profit for 2023, which was attributed to improved product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($99.18 billion). Net profit saw a substantial surge of 114.5% year-on-year to 87 billion yuan. Huawei credited the profitability to higher quality operations and sales of some businesses.

In 2023, Huawei made a comeback in the smartphone market with the launch of the Mate 60 Pro in China. Despite restrictions from the US since 2019, Huawei’s device offers download speeds associated with 5G due to an advanced semiconductor chip. The release of the Mate 60 Pro helped drive Huawei’s smartphone sales in China, with shipments in the fourth quarter increasing by 47% year-on-year. This placed Huawei fourth in market share ahead of Xiaomi.

Huawei also reported growth in its intelligent automobile solutions business, with revenue increasing by 128.1% to 4.7 billion yuan. The company sells software and technology to car manufacturers and has partnered with an automaker for the Aito electric car brand. Revenue from the consumer business grew by 17.3% to 251.5 billion yuan in