Chinese giant Huawei Technologies expects its revenue to exceed 700 billion yuan ($98.5 billion) in 2023, its rotating chairman Ken Hu said in an internal New Year message seen by Reuters.
The figure represents a growth in revenues of about nine percent year-on-year compared to the 642.3 billion yuan announced in 2022.
The forecast provides further evidence of Huawei’s recovery after US sanctions that began in 2019 crippled some of its business lines by restricting access to critical global technologies such as advanced chips.
“After years of hard work, we have weathered the storm. Now we are back on track,” its president said.
In the letter sent to employees, he said that Huawei’s hardware sector, which includes its smartphone business, performed better than expected in 2023.
Huawei’s smartphone shipments rose 83 percent in October year-on-year, helping the overall Chinese smartphone market grow 11 percent over the same period, according to market research firm Counterpoint.
Looking forward to 2024, Huawei said in the letter that the hardware business will be one of the key business lines it will focus on for expansion.
Despite this, Huawei acknowledged in the letter that it faces major challenges.
“Geopolitical and economic uncertainties abound, while technological constraints and trade barriers continue to impact the world,” its president noted.