On March 29, 2024, Huawei Technologies Co., Ltd., a global leader in information and communications technology (ICT) infrastructure and smart devices, released its annual report for the fiscal year 2023. Despite facing unprecedented challenges in recent years, Huawei has demonstrated resilience and an unwavering commitment to innovation, which is evident in its latest financial results and strategic initiatives outlined in the report.
Financial Highlights
Huawei reported a total revenue of RMB 704.2 billion (approximately USD 99.4 billion), marking a 9.6% increase from the previous year.
The company’s net profit rose dramatically to RMB 86.95 billion (approximately USD 12.28 billion), illustrating Huawei’s effective management and strategic realignment in response to external pressures and market dynamics.
The ICT infrastructure segment, a cornerstone of Huawei’s business, generated RMB 362 billion, a modest increase of 2.3% year-over-year. Meanwhile, the consumer business, including smartphones and other smart devices, brought in RMB 251.5 billion, surging by 17.3%.
The company’s burgeoning cloud computing and digital energy sectors witnessed growth rates of 21.9% and 3.5% respectively, further diversifying Huawei’s revenue streams. Notably, the smart car solutions business stood out with a remarkable growth of 128.1%, although from a smaller base, signaling Huawei’s strategic pivot towards new technology frontiers.
Strategic Investments in R&D
Huawei’s commitment to research and development (R&D) remained steadfast, with an investment of RMB 164.7 billion in 2023, accounting for 23.4% of its total revenue.
Over the past decade, the company has invested more than RMB 1.1 trillion in R&D, underscoring its long-term vision to lead in technological innovation and contribute to the global digital economy.
Expanding Global Footprint and Ecosystem
The report highlights Huawei’s efforts in expanding its global ecosystem and fostering open innovation. By the end of 2023, Huawei Cloud boasted over 6 million developers and more than 40,000 partners worldwide, creating a vibrant and innovative digital ecosystem.
Future Outlook
Looking ahead, Huawei remains optimistic about its future growth prospects. The company plans to continue its investment in core ICT technologies and platforms, enhancing its product and service offerings across different sectors.
Huawei’s chairman, Hu Houkun, emphasized the importance of quality, innovation, and open collaboration with partners to create greater value for customers and society at large.