Huawei expects revenue to rise almost 9% in 2023
HUAWEI said on Friday (Dec 29) that it is expecting an increase of almost 9 per cent in its revenue in 2023, despite US sanctions against the Chinese tech giant.
“After years of hard work, we managed to weather the storm,” rotating chairman Ken Hu said in remarks released on Friday, adding that the firm faces “serious challenges ahead of us”.
In 2023, the group expects revenues of more than 700 billion yuan (S$131.1 billion), Hu said in a New Year’s message. This marks an increase of nearly 9 per cent from last year.
The company released its Mate 60 Pro handset this year. The device, powered by an advanced domestically produced chip, sparked debate about whether attempts to curb China’s technological advancements have been effective.
But revenue remains much lower than the 891.4 billion yuan in 2020, the year before the company announced a sharp decline in turnover due to US sanctions.
Huawei has for several years been at the centre of an intense tech stand-off between China and the US, with Washington warning that its equipment could be used for state espionage. The company has denied this allegation.
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Sanctions since 2019 have cut Huawei off from access to US-made components and technologies, forcing it to diversify its growth sources.
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