Huawei reported that the company generated $19.2 billion in revenue in Q1 2023, with a year-on-year increase of 0.8% and a net profit margin of 2.3%.* Huawei had posted revenue of $18.95 in Q1 2022.
Overall business results were in line with the forecast. Huawei has yet again increased investment in R&D to keep innovating for the future, create new value for its customers, partners and communities worldwide and promote quality development, according to the company statement.
The company recently released its 2022 Annual Report and audited financial results, detailing steady operations throughout 2022, during which it generated $92.37 billion in revenue and $5.12 billion in net profits.
Huawei continued to strengthen investment in R&D, with an annual expenditure of $23.22 billion in 2022, representing 25.1% of the company's annual revenue and bringing its total R&D expenditure over the past 10 years to more than $140.55 billion.
*The financial data disclosed here are unaudited figures compiled in compliance with the International Financial Reporting Standards; exchange rate at the end of March 2023: US$1 = CNY6.8519 (source: external agencies).