Chinese Tech Giant Expects Over $98.5 Billion in Sales Revenue, Experiences 9% Jump Despite Challenges
In defiance of US sanctions, Chinese tech titan Huawei has defied expectations, projecting more than $98.5 billion in sales revenue for 2023. The reported figures indicate a 9% increase in sales, signaling an impressive rebound despite lingering challenges.
This resurgence comes on the heels of US sanctions and fierce competition from Apple in China. Sales, however, remain at a 20% deficit compared to Huawei’s 2020 peak of $136.7 billion, although the company’s rotating chairman, Ken Hu, expressed confidence in the company’s turnaround, underscoring shared conviction as the driving force behind their success.
Huawei had been subject to US sanctions in 2019, restricting access to advanced Western chipmaking equipment, leading to the company’s development of its cutting-edge chip technology with the release of the Mate 60 Pro smartphone. Launched during the US commerce secretary’s visit to China and preceding the iPhone 15, the Mate 60 sold nearly 1.5 million units in its first month, positioned as a domestically produced alternative to the iPhone.
READ ALSO: Chinese Tech Giant Huawei Sees An Increase In Revenue Thanks To Smartphone Sales And 5G Equipment
This success has been supported by the Chinese government’s efforts to reduce reliance on Western technology, yielding a 6% decline in Apple’s sales.
Despite acknowledging forthcoming challenges due to geopolitical and economic uncertainties, Huawei plans to expand investments in emerging technologies like AI while strengthening its business operations.