Huawei's Revenues Increased Slightly in 9 Months

Chinese company "Huawei Technologies" registered a slight increase in its revenues in the first three quarters of 2023, attributed to growth in its digital energy and cloud business units, as well as increased competitiveness in its automotive components unit during the nine months. Huawei’s revenues rose by 2.4% year-on-year to 456.6 billion yuan ($62.4 billion) in the first three quarters of the year. The company’s profits surged by 177.8% during the same period to 73.05 billion yuan, according to Reuters calculations. A Huawei spokesperson stated that the increase is largely due to payments related to the sale of the smartphone unit "Honor" in November 2020, alongside improvements in management and sales strategy. Reuters calculations showed that Huawei's revenues rose by 1.5% in the third quarter of the year to 145.7 billion yuan. Ken Hu, Huawei’s Chairman, mentioned in a press release that the growth "aligns with expectations." Three research companies reported this week that "the rise in Huawei's smartphone sales in the third quarter is due to the launch of the 'Mate 60' series at the end of August," with Counterpoint Research predicting a 37% year-on-year increase in Huawei's profits. This marks a recovery for Huawei after its smartphone sector was significantly impacted by U.S. export controls since 2019.