May 30, 2024

Huawei Revenue Rises as Technology Giant Commits to Growth

Growth is a key theme of Huawei’s recently released 2023 Annual Report, which shows that the Chinese technology giant generated revenue of US$99.5 billion, with a profit of US$12.3 billion.

Putting that into context, that positions Huawei’s annual revenue above the likes of Tesla (US$96.8 billion), Bank of America (US$98.6 billion), Dell (US$91.1 billion), and NTT (US$93.8 billion).

The company said that 2023 performance was in line with expectations, and that its ICT infrastructure business remained solid, while the consumer business met expectations. 

Cloud computing and digital power businesses grew steadily, and the intelligent automotive solution business began large-scale delivery.

Research and innovation are cornerstones of Huawei’s long-term growth strategy and the company invested 23.4% (US$23.3 billion) of its annual revenue into R&D in 2023. In total, R&D investment in the past decade has reached US$157 billion.

“The company’s performance in 2023 was in line with forecast,” said Ken Hu, Huawei’s Rotating Chairman.

“We’ve been through a lot over the past few years. But through one challenge after another, we’ve managed to grow. The trust and support of our customers, partners, and friends around the world is what helped us keep going, keep surviving, and keep growing.”

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