Chinese tech giant Huawei Technologies is reportedly expected to exceed its revenue by USD 98.5 billion for 2023, indicating a 9 per cent YoY revenue growth from last year, according to a media report on Friday.
The forecast further suggested Huawei’s rebounding after US sanctions in 2019 that damaged some of its business lines. The smaller setback was due to the restrictions put on accessing critical global technologies such as advanced chips.
It added the company’s smartphone business performed better than its 2023 estimation. Huawei’s smartphone shipments surged by 83 per cent in October YoY, which also helped in boosting the overall Chinese smartphone market to grow by 11 per cent over the same period.
Despite these positive hits, Huawei in a statement acknowledged that it faces significant challenges and is focused on strengthening the efficiency of its business operations to overcome the issues. The company emphasised it will streamline its HQ, simplify its management and ensure consistent policy while making adjustments to overcome obstacles.
