In February 2024, Huawei made a strong showing at the Mobile World Congress in Barcelona with one of the largest displays on display. The Chinese telecommunications company reported a significant increase in net profit for 2023, which was attributed to improved product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($99.18 billion). Net profit saw a substantial surge of 114.5% year-on-year to 87 billion yuan. Huawei credited the profitability to higher quality operations and sales of some businesses.

In 2023, Huawei made a comeback in the smartphone market with the launch of the Mate 60 Pro in China. Despite restrictions from the US since 2019, Huawei’s device offers download speeds associated with 5G due to an advanced semiconductor chip. The release of the Mate 60 Pro helped drive Huawei’s smartphone sales in China, with shipments in the fourth quarter increasing by 47% year-on-year. This placed Huawei fourth in market share ahead of Xiaomi.

In contrast, Huawei’s revenue grew by only 0.9% to 642.3 billion yuan in 2023 after a tough year following a significant decline in sales in 2021. However, net profit plummeted by 69%, marking the largest drop on record due to factors such as rising commodity prices, strict pandemic controls in China, and increased research and development spend.

Huawei also reported growth in its intelligent automobile solutions business, with revenue increasing by an impressive