Citing steady growth in its cloud computing and digital power businesses, Huawei generated revenue of CNY704.2 billion in 2023 and CNY87 billion in net profits, in line with the company’s expectations.
2023 highlights
- The ICT infrastructure business generated CNY362 billion, up 2.3% YoY.
- The consumer business recorded CNY251.5 billion, up 17.3% YoY.
- The cloud computing business brought in CNY55.3 billion, up 21.9% YoY.
- The digital power business earned CNY52.6 billion, up 3.5% YoY. The intelligent automotive solution business generated CNY4.7 billion, up 128.1% YoY.
- The company invested CNY164.7 billion back into R&D, which accounted for 23.4% of its annual revenue. Altogether, the company’s R&D investment over the past decade amounts to CNY1.11 trillion.
“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.”
“A new journey awaits us in 2024,” Hu concluded. “We will create greater value for our customers and society by driving open innovation, building thriving ecosystems, and succeeding through quality. Here I’d like to thank those who have joined us – and will join us – along the way. Together, let’s make something extraordinary. Let’s build a fully connected, intelligent world.”
In addition, Mr. Xu Zhijun (Eric Xu) will assume the position of Rotating and Acting Chairman of Huawei from April 1, 2024 to September 30, 2024. During his term, Mr. Xu will serve as the company’s top leader, and head the Board of Directors and its Executive Committee. Mr. Xu joined Huawei in 1993 and has served as President of the Wireless Network Product Line, Chief Strategy & Marketing Officer, Chief Products & Solutions Officer, Chairman of the Investment Review Board, Rotating CEO of Huawei, and Chairman of the Strategy & Development Committee (SDC). Currently, Mr. Xu serves as Deputy Chairman of the Board and Rotating Chairman of Huawei.
