Huawei issued an optimistic annual New Year’s message. The rotating chairman Eric Xu claims business is back to normal and estimates 2022 revenue was flat year-on-year despite continued trade sanctions by the US.
“In 2022 we successfully pulled ourselves out of crisis mode. US restrictions are now our new normal,“ Xu said. Revenue for 2022 is expected to be in line with the forecast, hitting CNY636.9 billion ($92.6 billion) compared to CNY636.8 billion a year earlier. Xu highlighted the rapid growth in its cloud division, adding the cloud “needs to become the foundation - and enabler - of digital transformation“ for both Huawei and vertical industries. He noted that while the macro environment is “rife with uncertainty“, the company is certain digitalization and decarbonization are the way forward and where future opportunities lie.
With external restrictions a fact of life and its business now stabilized, Xu explained 2023 will be a crucial year and it will need to be “proactive about improving the business environment and more effectively managing risks“. The company vowed to keep R&D investment at a high level this year. R&D expenditure in the first three quarters of 2022 reached CNY110 billion, or 24.7% of total revenue, up from 22% in 2021 when spending totaled CNY142.7 billion.
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