Despite U.S. sanctions, Huawei forecasts revenue growth to nearly $100 billion by the end of 2023

Huawei's interim chairman Ken Hu said in an internal New Year's message to employees that 2023 turned out to be quite successful for the company, with annual revenue approaching the figures that were even before the US sanctions.

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Huawei predicts that revenue will exceed 700 billion yuan ($98.5 billion) by the end of 2023. That's a 9% increase over what it was in 2022.

Incidentally, Huawei first broke the 100 billion annual revenue mark in 2018, even before US sanctions were imposed. Then the company predicted that it would earn 150bn in 2023, but this, as we already know, did not happen.

Nevertheless, Huawei is slowly recovering. "After years of hard work, we managed to weather the storm. And now we are almost back on the right track," emphasised Ken Hu.

Huawei's device business segment, which includes smartphone manufacturing, performed better than expected in 2023.

According to Counterpoint, Huawei's smartphone shipments in October grew 83 per cent year-on-year. The Mate 60 lineup is probably largely credited for this.

Source: Reuters