Huawei reports modest revenue growth for first three quarters of 2023
Huawei Technologies saw a slight uptick in revenue in the first three quarters of 2023, with the company citing growth in its digital power and cloud businesses as well as the growing competitiveness of its vehicle components unit.
Huawei posted revenues of 456.6 billion yuan ($62.4 billion) for the first three quarters of the year, up 2.4% from a year earlier.
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For the third quarter, revenue rose 1.5% to 145.7 billion yuan, according to Reuters calculations.
The growth was «in line with forecast,» Huawei's rotating chairman Ken Hu said in a press release.
Huawei's smartphone sales surged in the third quarter thanks to the release of the Mate 60 series at the end of the August, three research firms said this week, with Counterpoint Research reporting a 37% year-on-year increase for the company.
That marks a comeback for Huawei, though from a low base, since their smartphone business has been hard hit by U.S. export controls imposed against the company since 2019.
However, the Huawei spokesperson attributed the third-quarter revenue growth to increases in the digital power, cloud and auto parts businesses, and said the Mate 60 series sales were initially constrained by limited supply and a release
