Huawei 2023 annual report shows net profit of $12 billion with 144.5% YoY increase

Huawei has published its 2023 annual report showcasing its net profit, global sales revenue, and other aspects. This time, the Chinese tech giant has gained $12 billion. Despite several challenges, the company achieved good enough scores in 2023.

Compared to 2022 with a net profit of 35.6 billion yuan, Huawei has earned a 144.5% YoY increment. The 2023 annual report further shows that the company has made a global sales revenue of $9 billion (704.2 billion yuan) with a 9.63% increase.

Huawei also sheds light on the R&D (research and development) part and said that the investment has reached 164.7 billion yuan with a 23.4% annual revenue. Meanwhile, the cumulative investment in R&D expenses within the past decade outstripped around 1.110 billion yuan.

Overall data in the report signify that the firm’s operating conditions are in line with expectations. The ICT infrastructure business, cloud computing, and digital energy have achieved a good enough growth rate in the past year.

Smart car solutions business is another major department that helped the company to pursue efficient growth, compared to 2022. You can check the list of figures regarding major Huawei businesses and their increase below:

• ICT infrastructure business – 362 billion yuan (2.3% YoY)
• Device business – 251.5 billion yuan (17.3% YoY)
• Cloud computing business – 55.3 billion yuan (21.9% YoY)
• Digital energy business – 52.6 billion yuan (3.5% YoY)
• Smart Car Solutions business – 4.7 billion yuan (128.1% YoY)

Huawei’s Rotating Chairman – Hu Ken says:

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

You can check the entire Huawei 2023 annual report and its net profit HERE.