Huawei Revenue Rises as Technology Giant Commits to Growth

Huawei’s 2023 Annual Report shows impressive revenue of nearly US$100 billion for the Chinese technology giant, with consumer and cloud business booming

Growth is a key theme of Huawei’s recently released 2023 Annual Report, which shows that the Chinese technology giant generated revenue of US$99.5 billion, with a profit of US$12.3 billion.

Putting that into context, that positions Huawei’s annual revenue above the likes of Tesla (US$96.8 billion), Bank of America (US$98.6 billion), Dell (US$91.1 billion), and NTT (US$93.8 billion).

The company said that 2023 performance was in line with expectations, and that its ICT infrastructure business remained solid, while the consumer business met expectations. 

Cloud computing and digital power businesses grew steadily, and the intelligent automotive solution business began large-scale delivery.

Research and innovation are cornerstones of Huawei’s long-term growth strategy and the company invested 23.4% (US$23.3 billion) of its annual revenue into R&D in 2023. In total, R&D investment in the past decade has reached US$157 billion.

“The company's performance in 2023 was in line with forecast,” said Ken Hu, Huawei's Rotating Chairman.

“We've been through a lot over the past few years. But through one challenge after another, we've managed to grow. The trust and support of our customers, partners, and friends around the world is what helped us keep going, keep surviving, and keep growing.”

Breakdown of Huawei's five-year financials

ICT infrastructure delivers half of Huawei revenue

By far the biggest contributor to that strong revenue performance is ICT infrastructure, delivering more than half of the company’s total revenue at US$51.1 billion, up 2.3% year on year. 

The consumer business saw higher growth of 17.3% to reach revenue of US$35.5 billion.

Cloud computing is also booming, with revenues rising 21.9% to hit US$7.8 billion. 

Huawei says it will continue to focus on developing core ICT technologies, as well as building platform capabilities for complex hardware and software systems, which are then opened up to partners.

“A new journey awaits us in 2024,” said Hu. “We will create greater value for our customers and society by driving open innovation, building thriving ecosystems, and succeeding through quality. 

“Here I'd like to thank those who have joined us – and will join us – along the way. Together, let's make something extraordinary. Let's build a fully connected, intelligent world.”

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