Last Updated on January 2, 2023
Huawei estimates its annual revenue in 2022 to reach 636.9 billion yuan, about $91.59 billion, says the company’s rotating chairman Eric Xu. The expected figure aligns with its forecast, Xu said in Huawei’s annual New Year’s message on Friday, December 30.
Huawei’s growth increased by 0.4% annually. It’s only marginal growth for the company but there are positives to gather. It believes the US sanctions are having a lesser effect on the company’s sales and that it is now out of the crisis.
“U.S. restrictions are now our new normal, and we’re back to business as usual,” Xu wrote in the letter which was addressed to staff.
Huawei’s ICT infrastructure business has seen praiseworthy growth lately. While the company’s device sales took a hit, it’s largely been past the worst. Likewise, it has achieved steady growth in its digital power and Huawei Cloud services.
The company has also reached new milestones in its automotive components business.
“In 2022, we successfully pulled ourselves out of crisis mode. U.S. restrictions are now our new normal, and we’re back to business as usual,” Xu declared.
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The annual revenue of Huawei improves in 2022 with 2019 being its peak year
The 2022 annual revenue still falls flat compared to the $122 billion Huawei drew in 2019. Back then, Huawei was a top smartphone vendor globally.
Likewise, it generated 636.8 billion yuan in revenue in 2021, a low in comparison to 891.4 billion yuan in 2020. In the same year, the company’s spending for its R&D reached a staggering 142.7 billion yuan, 22.4 percent of its annual revenue.
The company’s smartphone business plunged following the US ban on it in 2019. The ban means Huawei couldn’t get Android OS and other US technologies which affected its phone business.
But the company is on track to revive its fortunes. It continues to bring in revenues from networking equipment and cloud services.
The US ban once looked to stifle Huawei however, it continues to pull through the crisis and thrive with higher motivation.
