In the first three quarters of 2023, revenue at China’s Huawei Technologies increased somewhat. The firm attributed this increase to development in its cloud and digital power businesses as well as the increasing competitiveness of its vehicle components division.

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

Reuters calculations show that profit increased 177.8% during the time to 73.05 billion yuan, in contrast to the small increase in revenue.

According to a company representative, the increase in earnings was caused by payments associated with Huawei’s November 2020 sale of its Honour smartphone division as well as enhancements to management and sales strategy.

Reuters calculations show that revenue increased 1.5% to 145.7 billion yuan for the third quarter.

The expansion was “in line with forecast,” according to a press release issued by Huawei’s chairman-in-waiting Ken Hu.

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

Huawei has made a recovery, albeit from a low base, as the company’s smartphone business has been severely impacted by U.S. export limitations that have been in place since 2019.

Huawei increased its share from 9.1% to 12.9% during the quarter, making it the sixth-largest smartphone brand in China, according to Counterpoint.

According to Counterpoint, Honour maintained its leading position with 11.8 million units shipped and an 18% market share.

Though the Mate 60 series was released somewhat late in the quarter, the Huawei representative nevertheless credited the third-quarter revenue rise to development in the digital power, cloud, and auto parts industries.

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

(Adapted from Business-Standard.com)