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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

China’s Huawei reports modest revenue growth for first three quarters

A Chinese flag flutters near a Huawei store in Shanghai, China September 8, 2023. REUTERS/Aly Song
A Chinese flag flutters near a Huawei store in Shanghai, China September 8, 2023. REUTERS/Aly Song A Chinese flag flutters near a Huawei store in Shanghai, China September 8, 2023. REUTERS/Aly Song
A Chinese flag flutters near a Huawei store in Shanghai, China September 8, 2023. REUTERS/Aly Song
A Chinese flag flutters near a Huawei store in Shanghai, China September 8, 2023. REUTERS/Aly Song A Chinese flag flutters near a Huawei store in Shanghai, China September 8, 2023. REUTERS/Aly Song

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In the first three quarters of 2023, I witnessed a slight increase in revenue for China’s Huawei Technologies (HWT.UL), which attributed the gain to its cloud and digital power businesses and the increasing competitiveness of its automotive components section.

For the first three quarters of the year, Huawei reported sales of 456.6 billion yuan ($62.4 billion), a 2.4% increase over the same period last year.

According to Reuters’ calculations, profit increased by 177.8% to 73.05 billion yuan during that time. A Huawei representative stated that the increase is primarily due to payments associated with the company’s November 2020 sale of its Honor smartphone division.

Reuters calculations show sales increased 1.5% to 145.7 billion yuan for the third quarter. The expansion was “in line with forecast,” according to a press statement issued by Huawei’s chairman-in-waiting, Ken Hu.

Three research organizations indicated this week that Huawei’s smartphone sales increased in the third quarter due to the launch of the Mate 60 series at the end of August. Counterpoint Research reported 37% year-over-year growth for the business.

Since U.S. export restrictions in place since 2019 have had a significant negative impact on Huawei’s smartphone business, the company has recovered, though from a low base.

However, the Huawei representative claimed that low availability and a somewhat delayed introduction in the quarter initially hindered the Mate 60 series sales, and they attributed the third-quarter revenue increase to growth in the digital power, cloud, and auto parts businesses.

Richard Yu, the CEO of Huawei’s Smart Car division, stated earlier this month that the company is investing in its supply chain to meet demand after Aito, an electric car brand that Huawei supports, received over 70,000 orders for its updated M7 model.


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