Huawei’s Strong Showing at MWC 2024: The Chinese Telecommunications Company’s Net Profit and Market Share Growth

In February 2024, Huawei made a strong showing at the Mobile World Congress in Barcelona, bringing one of the largest displays to the event. The Chinese telecommunications company reported a significant increase in net profit for 2023, with its revenue growing by 9.6% year-on-year to 704.2 billion yuan ($99.18 billion). Net profit saw an impressive increase of 114.5% year-on-year to 87 billion yuan, which Huawei attributed to better product offerings and higher quality operations in certain business segments.

Huawei’s smartphone market comeback was a major factor in its profitability in 2023. The release of the Mate 60 Pro in China in late August was well-received for its download speeds associated with 5G, helping boost sales and increase market share. Despite U.S. restrictions on accessing high-end tech from American suppliers, Huawei’s smartphone shipments in China increased by 47% in the fourth quarter, leading to a rise in market share.

In addition to its smartphone business, Huawei also reported growth in various other business segments. Its intelligent automobile solutions business saw revenue increase by 128.1% in 2023, while its consumer business saw revenue rise by 17.3% to 251.5 billion yuan. Huawei’s ICT segment remained its largest revenue driver, bringing in 362 billion yuan, up 2.3% from the previous year, and cloud revenue saw significant growth of nearly 22% to