Huawei’s Fastest Growth in Years

In 2023, Huawei Technologies Co. achieved a notable 9% revenue increase, marking a significant year despite challenges from Apple Inc. and US sanctions. This growth was driven by a breakthrough in chip technology, resulting in sales surpassing 700 billion yuan ($98.7 billion) and the fastest growth rate in years. Revitalized smartphone business and robust 5G equipment sales contributed to a quarterly revenue surge of 27%, reaching at least 243.4 billion yuan. A key highlight was Huawei’s release of a groundbreaking smartphone with a 7-nanometer Kirin processor, challenging US restrictions on China’s tech progress. This success sparked debates in Washington. By September, Huawei secured the fifth position in the Chinese market, increasing its share from 10% to 14%, while Apple’s share decreased from 20% to 15%. Despite being written off after 2019 sanctions, Huawei emerged as a symbol of China’s resilience. However, the company remains cautious about 2024, citing risks from Washington’s policies and a volatile global economy. Diversifying into chip plants, Huawei receives substantial funding, navigating challenges from the US and the imperative to sustain technological leadership.