The dramatic year for Huawei Technologies, a Chinese technology powerhouse that defied Apple and US sanctions with an unexpected chip technology breakthrough, culminated in a 9% surge in revenue in 2023.
Sales surged to over 700 billion yuan ($98.7 billion), the fastest rate of growth in years, driven by strong sales of 5G equipment and a rebounding smartphone market. According to Bloomberg’s computations based on the annual figure, revenue increased 27% on a quarterly basis to at least 243.4 billion yuan. That is a significant increase over the modest increase from the third quarter.
In 2023, Huawei caused a stir when it unveiled a smartphone featuring a cutting-edge 7-nanometer Kirin processor made in China. The device was greeted with joy nationwide despite US restrictions meant to hinder the nation’s tech sector. The information sparked a discussion in Washington about whether the curbs were effective and what more could be done. After the US cut off its supply of foreign smartphones in 2019, Huawei was written off as a major player in the market. However, it is now making a comeback. The conglomerate, based in Shenzhen, has come to represent China’s determination to resist the limitations imposed by its geopolitical rival.