Huawei Surpasses Annual Revenue of 130 Trillion Won... "Invests 30 Trillion in Research and Development"

2023 Annual Report Release
Showing Growth Trends by Business Sector

Chinese IT company Huawei announced on the 29th that its sales revenue last year reached approximately 130.8 trillion KRW.

Huawei released its '2023 Annual Report' on the same day, stating that it achieved sales of 704.2 billion yuan (approximately 130.8051 trillion KRW) and a net profit of 87 billion yuan (16.1602 trillion KRW) last year, meeting expectations.

By business segment, the ICT infrastructure business recorded sales of 362 billion yuan (67.2415 trillion KRW), up 2.3% from the previous year, while the consumer business posted sales of 251.5 billion yuan (46.7161 trillion KRW), up 17.3%.

The cloud computing business grew 21.9% to 55.3 billion yuan (10.2719 trillion KRW), and the digital power business increased 3.5% to 52.6 billion yuan (9.7704 trillion KRW).

Additionally, the intelligent automotive solutions business saw sales surge 128.1% year-on-year to 4.7 billion yuan (approximately 873 billion KRW).

Huawei plans to focus on developing core ICT technologies and building platform capabilities for complex hardware and sophisticated software systems, while opening these to partners to pursue shared success.

The company invested 164.7 billion yuan (approximately 30.593 trillion KRW), accounting for 23.4% of its sales, in research and development (R&D) last year. Over the past decade, Huawei’s total R&D investment has reached 1.11 trillion yuan (206.1825 trillion KRW).

Ken Hu, Huawei’s rotating chairman, said, "We will lead open innovation, build a thriving ecosystem, and achieve success based on quality to create greater value for customers and society. We hope to create a fully connected intelligent world together with Huawei."