In February 2024, Huawei made a significant presence at the Mobile World Congress in Barcelona, bringing one of the largest displays to the event. The Chinese telecommunications company reported a net profit increase of more than 114.5% year-on-year to 87 billion yuan ($13.4 billion), which it attributed to better product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($103.3 billion).
Huawei’s comeback in the smartphone market was a major contributor to its profitability in 2023. The release of its Mate 60 Pro in China in late August was well-received for its download speeds associated with 5G, helping boost sales and increase market share in China. Despite U.S restrictions on accessing high-end tech from American suppliers, Huawei was able to stabilize its business after a challenging year that saw significant sales decline in 2021.
In addition to its success in the smartphone market, Huawei also reported growth in various business segments in 2023. Its intelligent automobile solutions business saw revenue increase by 128.1%, while its consumer business rose by 17.3%. Cloud revenue also grew significantly by nearly 22%, bringing Huawei’s total ICT segment revenue to 55.3 billion yuan ($84 million). Overall, Huawei’s performance in
