(CTN News) – Huawei Technologies, the Chinese tech giant, is anticipating revenue of over 700 billion yuan ($98.5 billion) for the year 2023, as stated by rotating chairman Ken Hu in an internal New Year message obtained by Reuters.
This figure represents a growth of approximately 9% compared to the reported revenue of 642.3 billion yuan in 2022.
This forecast serves as further evidence of recovery following the detrimental impact of U.S. sanctions that began in 2019, which severely affected certain aspects of its business by limiting access to crucial global technologies like advanced chips.
In a surprising move, Huawei introduced its Mate60 series of smartphones in August, which are believed to be powered by a domestically developed chipset. This release was widely regarded as a significant step for Huawei’s reentry into the high-end smartphone market, following years of struggling under U.S. sanctions.
According to Counterpoint, Experienced a remarkable 83% increase in smartphone shipments in October compared to the previous year, contributing to an overall 11% growth in the Chinese smartphone market during the same period.
Looking ahead to 2024, Huawei emphasized in the message that the device business would be one of its primary areas of focus for expansion.
The letter emphasized the importance of our device business reinforcing its dedication to creating top-notch products and establishing a premium brand that resonates with customers on a personal level.
However, the letter also acknowledged that Huawei is confronted with substantial obstacles.
Huawei’s CEO, Hu, pointed out that there are numerous geopolitical and economic uncertainties, along with technology restrictions and trade barriers that continue to impact the global landscape.
To address these challenges, Hu stated that Huawei would prioritize enhancing the efficiency of its business operations. This would involve implementing measures to streamline the headquarters, simplify management processes, and maintain a consistent policy, while also making necessary adjustments when required.