Huawei steadies ship despite sanctions

Huawei steadies ship despite sanctions

Sabrina Meng.jpg

Huawei reported the first increase in sales for its H1 results, the first increase since 2020.

Since 2019, the company has faced sanctions from across the globe, weakening its smartphone division and forcing it to focus on other means.

The vendor announced it had poured investment back into research as its revenues fell for the first time in a decade.

Despite this, Huawei recorded revenues of US$43.4 million, up 3.1% year-on-year.

Huawei’s profit margin reached 15% in the first half of the year in comparison to 5% during the same period last year.

"I'd like to thank our customers and partners for their ongoing support," said Sabrina Meng, Huawei's Rotating Chairwoman.

"I'd also like to thank the entire Huawei team for its solidarity and dedication. Huawei has been investing heavily in foundational technologies to harness trends in digitalisation, intelligence, and decarbonisation, focusing on creating value for our customers and partners.

“In the first half of 2023, our ICT infrastructure business remained solid and our consumer business achieved growth. Our digital power and cloud businesses both experienced strong growth, and our new components for intelligent connected vehicles continue to gain competitiveness."

In 2023 H1, Huawei generated CNY310.9 billion in revenue, with a year-on-year increase of 3.1% and a net profit margin of 15.0%.

The company's ICT infrastructure business contributed CNY167.2 billion, its consumer business CNY103.5 billion, its cloud business CNY24.1 billion, its digital power business CNY24.2 billion, and its intelligent automotive solution (IAS) business CNY1 billion.

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