Huawei’s Remarkable Comeback at the Mobile World Congress and How it Overcame US Restrictions

Huawei made a remarkable comeback at the Mobile World Congress in Barcelona in February 2024, with one of the largest displays on show. The Chinese telecommunications company reported that its net profit for 2023 had more than doubled, which it attributed to improved product offerings and a 9.6% year-on-year revenue growth to 704.2 billion yuan ($99.18 billion). Net profit saw a significant increase of 114.5% year-on-year to 87 billion yuan.

Huawei’s smartphone market comeback was a key factor in its profitability in 2023, with the release of its Mate 60 Pro in China in late August. Despite US restrictions on accessing high-end tech from American suppliers, the Mate 60 Pro was well received for its download speeds associated with 5G, boosting Huawei’s sales in China and increasing smartphone shipments by 47%. This helped the company regain market share.

In contrast, Huawei experienced challenges in 2022, with revenue growing by only 0.9% to $642.3 billion yuan (approximately $98 billion USD). However, the company was able to stabilize its business after a tough year that saw a significant sales decline in 2021. The net profit in