Huawei expects more than CNY 700 billion ($98.5 billion) in revenue in 2023, said the Deputy Chairman and Rotating Chairman of Huawei, Ken Hu, in an internal New Year’s message, reports Reuters. That’s a 9% year-over-year growth in revenue, with Huawei reporting CNY 642 billion ($93.5 billion) in revenue in 2022. That’s a substantial growth considering the sanctions the US imposed on the company and the global economy.
“After years of hard work, we’ve managed to weather the storm. And now we’re pretty much back on track,” said Ken in the New Year's message. According to him, the company’s device business “surpassed expectations.” However, Ken didn’t provide any details on what those expectations were.
Reportedly, Huawei gained momentum after launching the Mate 60 smartphone lineup, which came with some cutting-edge features, including the in-house developed Kirin 9000S chipset, and experts were shocked to see that as they couldn’t understand how Huawei managed to offer those features despite the sanctions imposed by the US on the company. The launch of the Mate 60 series also impacted the sales of the iPhone 15 lineup.
By the end of September, Huawei managed to capture a 14% share of the Chinese smartphone market, ranking fifth in the country. Apple performed only marginally better with a 15% market share. With Huawei now growing at a rapid pace once again, other brands have to start looking over their shoulder.
