The Chinese business conglomerate, Huawei, announced its H1 2023 financial results highlighting a 2 per cent growth in its consumer business to 103.5 billion yuan (over $14.3 billion). This data reflects an identifiable recovery, following a significant downturn in smartphone sales over the last two years, primarily due to US sanctions. Huawei's thriving financial performance in H1 2023 included a total revenue of 310.9 billion yuan ($43.1 billion), demonstrating a 3.1 per cent year-on-year increase and a net profit margin of 15 per cent.

Huawei's encouraging numbers are supported by various verticals in the company. The ICT infrastructure business of the conglomerate contributed 167.2 billion yuan, their Cloud business yielded 24.1 billion yuan, the digital power business amounted to 24.2 billion Yuan and the intelligent automotive solution (IAS) business made a contribution of 1 billion Yuan. The overall financial performance of the company highlights the diversified and robust business model Huawei embodies.

Appreciating the team's efforts and the support of clients and partners, Sabrina Meng, Huawei's Rotating Chairwoman, expressed her gratitude in her statement. She highlighted how the company's vigorous investment in foundational technologies to leverage digitalisation, intelligence, and decarbonisation trends has been central in delivering value to their customers and partners. She stated that the company's ICT infrastructure business remained solid and the consumer business exhibited definite growth.

The earnings report also showcased the impressive growth experienced by the company's digital power and cloud businesses. Further, it highlighted the increasing competitiveness of the new components for intelligent connected vehicles. Meng stated that these positive outcomes were a testament to the strength of the company's individual business units and their collective contribution to its success.

Moving to the mobile market, data from IDC’s Worldwide Quarterly Mobile Phone Tracker indicate a slight easing in the decline of smartphone shipments in China. In the Q2 2023, there were 65.7 million devices shipped, representing a 2.1 per cent fall, less than the same period in the previous year. However, for H1 of the year, the Chinese market still experienced a drop in smartphone shipments, falling 7.3 per cent year-on-year by comprising 130.9 million units.