In February 2024, Huawei made a significant impression at the Mobile World Congress in Barcelona. The Chinese telecommunications company reported that its net profit for 2023 had more than doubled, which it attributed to better product offerings and a remarkable revenue growth of 9.6% year-on-year to 704.2 billion yuan ($99.18 billion). Net profit saw an impressive increase of 114.5% year-on-year to 87 billion yuan.

Huawei’s comeback in the smartphone market was a major factor in its success. The release of its Mate 60 Pro in China in late August was well-received, particularly for its download speeds associated with 5G. Despite US restrictions on accessing high-end tech from American suppliers, the Mate 60 Pro was a huge success, boosting Huawei’s sales in China and increasing smartphone shipments by 47%. This led to an increase in market share for the company.

Despite facing challenges in 2022, including revenue growth of only 0.9% to 642.3 billion yuan, Huawei was able to stabilize its business after a difficult year that saw a significant sales decline in 2021. The net profit in