New Delhi
Huawei Technologies, the Chinese tech giant, is optimistic about its financial prospects in 2023, forecasting a revenue exceeding 700 billion yuan ($98.5 billion), representing a substantial 9 per cent year-over-year growth from the 642.3 billion yuan reported in 2022.
The announcement, made by rotating chairman Ken Hu in an internal new year message, signals Huawei's resilience after facing challenges from US sanctions that impacted crucial business lines, including access to advanced chips.
Expressing gratitude to partners and the Huawei team, Hu acknowledged the collective effort in overcoming obstacles, stating, "Thanks to our partners across the value chain for standing with us through thick and thin. And I'd also like to thank every member of the Huawei team for embracing the struggle – for never giving up."
Hu emphasised that the company has weathered the storm and is now back on track after years of hard work.
Huawei's optimism is bolstered by the better-than-expected performance of its device business segment, which includes the smartphone business. In the internal message, Hu highlighted the segment's resilience and success in 2023.
The launch of the Mate60 series of smartphones in August, powered by domestically developed chipsets, is seen as a significant move marking Huawei's return to the high-end smartphone market after grappling with US sanctions.
Notably, Huawei's smartphone shipments surged by 83 per cent in October year-on-year, contributing to an 11 per cent growth in the overall Chinese smartphone market over the same period, according to Counterpoint.
Looking ahead to 2024, Huawei is strategically focusing on expanding its device business, aiming to double down on its commitment to developing best-in-class products and building a high-end brand with a human touch.
Despite the positive outlook, Huawei acknowledges significant challenges ahead, citing "geopolitical and economic uncertainties" and the ongoing impact of technology restrictions and trade barriers.
In response, Huawei plans to enhance the efficiency of its business operations through initiatives to streamline headquarters, simplify management, and ensure consistent policies, making necessary adjustments where needed.
(With inputs from Reuters)
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