Huawei revenue increases in the first quarter of 2023

Huawei has achieved a new milestone in the first quarter of 2023, and it may feel a bit low for the industry but it still matters because the Chinese tech maker has posted new profit and revenue growth after a long time.

In an official statement, Huawei has reported that its revenue has increased up to 0.8% in the first quarter of 2023. This marks a successful profit for the company after a long time.

Numbers show that the revenue has increased by 132.1 billion yuan ($19.1 billion) and the net profit margin was 2.3%, down from 4.3% a year earlier.

“The overall operating results are in line with expectations, and the company continues to increase investment in research and development to maintain its future-oriented continuous innovation capabilities, create value for customers, partners, and society, and achieve quality development.” Wrote Huawei.

Yeah, there are ups and down in the results but the good thing is that Huawei’s revenue from businesses has increased. This will support Huawei’s venture in new ways to find solutions to the ongoing issues at hand.

Annual results:

On March 31, Huawei shared the 2022 annual business report. The tech firm revealed that the revenue recorded 642.3 billion yuan with a year-on-year increase of 0.9%. Meanwhile, the net profit was 35.6 billion yuan with a year-on-year decrease of 68.7%.

Huawei also detailed an immense research and development investment of 161.5 billion yuan. This accounts for 25.1% of annual revenue. Combined with this new revelation, the cumulative research and development expenses invested in ten years exceeded RMB 977.3 billion.

In the first quarter of 2022, Huawei achieved sales revenue of 131 billion yuan, and its net profit margin decreased by 6.8 percentage points year-on-year to 4.3%.

Mobile Market:

To be mentioned, Huawei’s mobile phone sales have achieved a growth of up to 41% compared with the same period in 2022 and its total market share has increased to 9.2%. In terms of growth rate, Huawei is the number one among major Chinese mobile makers.

The revenue growth of Huawei in the first quarter of 2023 reflects its past strategic changes. Also, its moves toward the future of the industry.

(source)