Huawei’s Impressive Recovery: From Tough Times to Strong Showings at MWC 2024
In February 2024, Huawei made an impressive showing at the Mobile World Congress in Barcelona. The Chinese telecommunications company brought one of the largest displays to the event and reported that its net profit for 2023 had more than doubled. This growth was attributed to better product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($99.18 billion).
Despite U.S. restrictions on accessing high-end tech from American suppliers, Huawei’s Mate 60 Pro was well-received for its download speeds associated with 5G in late August, boosting sales in China and increasing market share. In contrast, Huawei experienced some challenges in 2022, with revenue growing by only 0.9% to 642.3 billion yuan. However, the company was able to stabilize its business after a tough year that saw a significant sales decline in 2021, resulting in a net profit decrease of 69%, the largest drop on record, which was attributed to rising commodity prices and other factors.
Huawei also reported growth in its intelligent automobile solutions business, with revenue increasing by 128.1% in 2023, indicating positive momentum for the company moving forward. The consumer business also saw growth, with revenue rising by 17.3% to 251.5 billion yuan in the same year. Additionally, cloud revenue saw significant growth of nearly 22% to 55.3 billion yuan, further propelling Huawei’s progress towards recovery and success as a leading telecommunications company.
Overall, Huawei’s performance in
