Outgoing CEO Ken Hu said in his final speech that Huawei had “successfully weathered the storm” with revenue rising 9% year-on-year to $98.5 billion. Hu expressed optimism, saying, “We are almost back on the right track,” while acknowledging ongoing challenges related to “technological limitations, trade barriers, and geopolitical obstacles.”
Huawei’s rise is primarily due to its dominance in the domestic market. Don’t forget to diversify: In the face of limited access to American components, Huawei switched to domestic chips and formed partnerships with alternative suppliers.
Interestingly, while other industries have seen negative trends, Huawei’s cloud business has maintained healthy growth and its telecom division has remained stable. Additionally, vital infrastructure projects, such as moving core functions to a self-developed ERP system, have reduced dependence on foreign suppliers such as SAP.
Looking ahead, Huawei plans to double the success of its smartphones in 2024, strengthen its dominant position in China and expand its network of automotive partners.
Source: Ferra
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
