Huawei forecasts 9% revenue growth in 2023 as smartphones surge

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BEIJING (Reuters) — Chinese tech giant Huawei Technologies expects to report revenue exceeding 700 billion yuan ($98.5 billion) for 2023, according to comments from rotating chairman Ken Hu in an internal new year message seen by Reuters.

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29 Dec 2023

The figure indicates around 9% year-over-year revenue growth from the 642.3 billion yuan reported in 2022.

The forecast offers further evidence that Huawei is rebounding after U.S. sanctions starting in 2019 crippled some of its business lines by restricting access to critical global technologies such as advanced chips.

«Thanks to our partners across the value chain for standing with us through thick and thin. And I'd also like to thank every member of the Huawei team for embracing the struggle – for never giving up,» Hu said.

«After years of hard work, we've managed to weather the storm. And now we're pretty much back on track.»

In the message sent to staff, Hu said Huawei's device business segment, which includes its smartphone business, had performed better than expected in 2023.

In a surprising move in