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Huawei reports moderate revenue growth in first three quarters

Huawei Technologies reported a modest rise in sales in the first three quarters of 2023, citing growth in its digital power and cloud businesses as well as the increasing competitiveness of its automotive components segment.

Former Chinese military commander Ren Zhengfei founded Huawei in 1987 in Shenzhen, China. Huawei started out as a rural sales representative for Hong Kong-based phone and cable network companies. Huawei Technologies Co., Ltd. is a Chinese global technology business that designs, develops, manufactures, and distributes a wide range of technology goods.

Huawei competes with Ericsson, Cisco Systems, ZTE Corporation, Apple and others. With more competitors in the telecommunications business, Huawei adopts a competitive pricing approach in the marketing mix of its products.

This pricing technique is used because buyers (customers) have greater bargaining power and can easily switch brands. Huawei has always focused on providing high-quality goods to its customers, even though all competitors’ prices are practically the same.

Huawei also charges exorbitant rates for new and advanced products that are not available from competitors. Huawei also has a flexible pricing strategy and occasionally offers discounts on its goods, often through e-commerce.

Profit rose 177.8% to 73.05 billion yuan in the period, according to Reuters estimates. According to a Huawei representative, the increase is largely due to payments related to the sale of the company’s Honor smartphone subsidiary in November 2020.

Third-quarter sales rose 1.5% to 145.7 billion yuan, according to Reuters estimates.

Ken Hu, Huawei’s rotating president, said in a news statement that the extension was “in line with expectations.”

Three research firms reported this week that Huawei’s smartphone sales rose in the third quarter due to the launch of the Mate 60 series in late August, with Counterpoint Research claiming a 37% year-on-year gain for the business.

This is a recovery for Huawei, although their smartphone industry, which has a low base, has been hit hard by US export restrictions imposed on the firm since 2019.

However, a Huawei representative claimed that third quarter revenue growth was driven by growth in the digital power, cloud, and auto parts businesses, and that sales of the Mate 60 series were initially hindered by limited availability and a late release.

Earlier this month, Huawei’s smart car CEO, Richard Yu, said Huawei-backed electric-vehicle firm Aito had received more than 70,000 orders for its updated M7 model and that it was investing in its supply chain to meet demand. Was getting it done.

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