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Huawei’s profit doubled in 2023 as smartphone, autos business picked up

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10 months ago

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Huawei brought one of the largest displays to Mobile World Congress in Barcelona in February 2024.

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BEIJING — Chinese telecommunications company Huawei said Friday its net profit for 2023 more than doubled thanks to better product offerings.

The company also attributed the profit gains to revenue growth of 9.6% year-on-year to 704.2 billion yuan ($99.18 billion). Net profit grew by 144.5% year-on-year to 87 billion yuan.

Higher quality operations and sales of some businesses contributed to profitability as well, according to Huawei.

The telecommunications company made a comeback in the smartphone market in 2023 with the quiet release of its Mate 60 Pro in China in late August. Reviews indicated the device offers download speeds associated with 5G — thanks to an advanced semiconductor chip. That’s despite U.S. restrictions since 2019 on Huawei’s ability to access high-end tech from American suppliers.

The Mate 60 Pro helped boost Huawei’s sales in China. In the fourth quarter, Huawei smartphone shipments in the country surged by 47% from a year ago, putting the company in fourth place by market share, ahead of Xiaomi, according to Canalys. Apple maintained first place with 6% year-on-year growth in shipments, the data showed.

Huawei’s revenue grew by 0.9% to 642.3 billion yuan in 2022, as the company stabilized its business in a tough year following a plunge of more than 28% in sales in 2021. Net profit in 2022 fell by 69%, the largest drop on record. The company at the time cited rising commodity prices, China’s pandemic controls and growing research and development spend.

Huawei on Friday also said its intelligent automobile solutions business saw revenue grow by 128.1% from a year ago to 4.7 billion yuan.

The company sells software and other technology to car companies. It has also partnered with an automaker for the Aito electric car brand.

Huawei said its consumer business saw revenue grow by 17.3% year-on-year to 251.5 billion yuan in 2023.

ICT remained by far Huawei’s biggest revenue driver with 362 billion yuan in revenue in 2023, up 2.3% from a year ago.

Cloud revenue grew by nearly 22% to 55.3 billion yuan.

— CNBC’s Arjun Kharpal contributed to this report.

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Capital One acknowledges ‘outage’ as users report issues accessing deposits

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22 hours ago

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January 17, 2025

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Capital One said an unspecified technical issue was hampering customer account access Thursday, as some users reported issues with direct deposits.

In response to complaints on social media platform X, a Capital One representative said the bank was experiencing a “tech outage” that was affecting “a variety of functions,” with no timetable for a restoration of services.

Just before noon Thursday, the company released an official statement about the problem.

“We are experiencing a technical issue with a third-party vendor that is temporarily impacting some account services, deposits, and payment processing for portions of our consumer, small business, and commercial bank,” it said.

Late Thursday, the vendor, Fidelity Information Services (FIS) released a statement saying it was working to restore applications affected by a local area power outage at one of its data centers. An FIS spokesperson did not respond to multiple follow-up questions.

According to Downdetector.com, which tracks reports of user complaints about digital services, the issues began around 6 a.m. ET, with some 2,000 reports observed.

The site indicated the frequency of reports had started leveling off around 9 a.m. ET, but by 4 p.m., there had still not been a significant reduction in complaints registered.

The issues at Capital One come a day after Citibank acknowledged a problem affecting customers’ ability to access their accounts from mobile devices, as well as an apparent issue related to fraud alerts. While the mobile access issue appeared to have been resolved, a Citi rep said on X on Thursday it was still working to fix the fraud-alert item.

Earlier this month, the Consumer Financial Protection Bureau sued Capital One, alleging it misled customers about its savings-account offerings. Capital One has denied the allegations.

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