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Huawei Was Once Fighting For Its Survival. It Is Back To Nearly $100 Billion In Revenue In 2023

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Huawei, the tech behemoth that has become a flashpoint in the Washington-Beijing rivalry, claims it is “back on track” with a solid 2023.

The Shenzhen-based company said Friday that it expects to generate more than 700 billion yuan ($99 billion) in sales in 2023, thanks in part to a stronger-than-expected performance in its electronics division. This represents a 9% increase over the 642.3 billion yuan ($92.4 billion) reported in 2022.

It is, however, less than the about $123 billion Huawei recorded in 2019.

“After years of hard work, we’ve weathered the storm.” “And now we’re pretty much back on track,” said Ken Hu, Huawei’s rotating chairman, in a year-end letter to staff.

The strong performance follows the August launch of Mate 60 Pro smartphone, which stunned industry experts who questioned how the company could have the technology to make such an advanced device in the face of sweeping US efforts to restrict China’s access to foreign chips.

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Huawei Was Once Fighting For Its Survival.

According to Counterpoint Research, users have enthusiastically received the smartphone, allowing Huawei to wrest market share from Apple (AAPL) in China.

As of the end of September, The company ranked fifth in the Chinese market, increasing its share from 10% in the first quarter to 14% in the third quarter. Meanwhile, Apple’s share of the pie shrank from 20% to 15% within the same period.

The results of Huawei’s device business “surpassed expectations,” Hu stated in his memo without providing further information.

The Chinese company was once the world’s second-largest seller of smartphones, but it has since dropped out due to punishing US sanctions that have hampered its ability to purchase essential components for its products.

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Huawei Was Once Fighting For Its Survival.

Policymakers in the United States have long claimed that Huawei posed a national security concern, claiming that the Chinese government may exploit the company’s technology to eavesdrop. The corporation has frequently refuted the charges and attempted to rehabilitate its image in Washington.

Huawei, on the other hand, has begun to recover this year.

In March, the business declared that it was “out of crisis mode,” and that it was making headway in finding replacements for the components that US sanctions had cut off.

According to Counterpoint analysts in a November research, the company will likely maintain its success in the coming year if it can grow production of handsets powered by Kirin chips, which are recognized inside the Mate 60 Pro.

According to analysts, the business unveiled new smartphones under Nova, its mid-range portfolio, on Tuesday, which are expected to gain appeal due to their relative price.

huawei

Huawei Was Once Fighting For Its Survival.

The upbeat forecast contrasts with comments made just last year by a Huawei executive, who stated that the company’s “fight to survive is not over yet.”

“Hard work has enabled us to survive and grow, but we still face significant challenges,” Hu wrote in his memo on Friday.

He noted that “geopolitical and economic uncertainties abound, while technology restrictions and trade barriers continue to have an impact on the world.”

SOURCE – (CNN)

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Tesla Cuts The Price Of Its “Full Self Driving” System By A Third To $8,000

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NEW YORK — Tesla reduced the price of its “Full Self Driving” system — which cannot drive itself and requires drivers to remain attentive and ready to intervene — by nearly a third to $8,000 from $12,000, according to the company website.

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Tesla Cuts The Price Of Its “Full Self Driving” System By A Third To $8,000

Tesla CEO and billionaire Elon Musk stated in 2019 that there would be a fleet of robotaxis on the road by 2020, but that promise has yet to be fulfilled, and the system must still be supervised by humans.

The cutbacks, which took effect on Saturday, follow Tesla’s decision to trim $2,000 off the pricing of three of its five models in the United States late Friday. That is the most recent example of the difficulties that the electric vehicle manufacturer is facing.

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Tesla Cuts The Price Of Its “Full Self Driving” System By A Third To $8,000

Tesla dropped the costs of its most popular model, the Model Y, a small SUV that is the best-selling electric vehicle in the United States, as well as the Models X and S, which are older and more expensive. Prices for the Model 3 car and Cybertruck remained unchanged.

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Tesla Cuts The Price Of Its “Full Self Driving” System By A Third To $8,000

The price cut comes a day after Tesla’s stock fell below $150 a share, wiping out all gains recorded in the previous year. The Austin, Texas-based company’s stock price has fallen almost 40% this year due to declining sales and growing competition. Discounted sticker prices are intended to entice more car purchasers.

SOURCE – (AP)

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Japan’s Anti-Monopoly Body Orders Google To Fix Ad Search Limits Affecting Yahoo

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TOKYO — Japan’s antitrust authority stated Monday that Google, the US search giant, must rectify its advertising search restrictions that impact Yahoo in Japan.

The Japan Fair Trade Commission said in a statement that a recent investigation into Google’s activities revealed that it was hurting fair competition in the advertising sector.

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Japan’s Anti-Monopoly Body Orders Google To Fix Ad Search Limits Affecting Yahoo

Yahoo Japan Corp., which later merged with the Japanese social media platform Line, began offering keyword-targeted search advertising services utilizing Google’s technology after the two businesses forged a partnership in 2010.

The FTC claims that Google imposed limits in its search advertising deal with Yahoo Japan for more than seven years, limiting its ability to compete in focused search ads.

An FTC investigation into whether this violated the Anti-Monopoly Law prompted Google to lift the limitations.

Google said in an emailed statement that it has fully cooperated with the commission’s investigation and that the agency has not determined that it has breached antitrust laws. It committed to follow the commission’s orders and provide “valuable” search services to Japanese consumers and marketers.

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Japan’s Anti-Monopoly Body Orders Google To Fix Ad Search Limits Affecting Yahoo

Line Yahoo declined to comment.

Google will be subject to a three-year review to ensure that necessary improvements are implemented, according to the commission. It did not impose any fines or other penalties on Google, which remains popular in Japan.

The commission’s decision comes after another setback for Google in Japan. Japanese doctors launched a civil case against the corporation last week, seeking damages for what they call baseless, insulting, and frequently inaccurate statements.

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Japan’s Anti-Monopoly Body Orders Google To Fix Ad Search Limits Affecting Yahoo

The Tokyo District Court lawsuit seeks 1.4 million yen ($9,400) in damages for 63 medical professionals who posted ratings on Google Maps.

Google responded by saying it is working “24 hours a day” to remove misleading or incorrect content on its platform, using human and technology resources “to delete fraudulent reviews.”

SOURCE – (AP)

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Tesla reduces US prices for 3 of its electric vehicle models following a rough week.

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Tesla reduced the pricing of three of its five models in the United States by $2,000 late Friday, highlighting the issues facing the electric vehicle firm run by billionaire Elon Musk.

The business reduced the costs of the Model Y, a small SUV that is Tesla’s most popular model and the best-selling electric vehicle in the United States, as well as the versions X and S, which are older and more expensive versions. Prices for the Model 3 car and Cybertruck remained unchanged.

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Tesla cuts US prices for 3 of its electric vehicle models after a difficult week

The reductions dropped the starting price for a Model Y to $42,990, $72,990 for a Model S, and $77,990 for a Model X.

The decision comes a day after Tesla’s shares fell below $150 per share, wiping out all gains earned over the previous year. The Austin, Texas-based company’s stock price has fallen almost 40% this year due to declining sales and growing competition. Discounted sticker prices are intended to entice more car purchasers.

Musk announced early Saturday on X, the social media site that was previously known as Twitter, that the cost of an entry-level Tesla could be as low as $29,490 after accounting for a federal tax credit and gas savings.

Industry observers have been waiting for Tesla to unveil the Model 2, a tiny electric vehicle for approximately $25,000. This month’s media rumors that Musk intended to cancel the project added to uncertainty about the company’s direction, but Musk denied the reports.

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Tesla cuts US prices for 3 of its electric vehicle models after a difficult week

The price drops marked the end of a long workweek for Tesla, which said on Monday that it would be laying off 10% of its global workforce, or approximately 14,000 employees. The company also announced the recall of roughly 4,000 of its 2024 Cybertrucks after discovering that the accelerator pedal could become stuck, enabling the vehicle to accelerate accidentally and increasing the danger of a crash.

Musk stated on Saturday that he has postponed a planned weekend travel to India to meet with Prime Minister Narendra Modi due to “very heavy Tesla obligations.” He expressed on X that he was looking forward to rescheduling the visit for later this year.

Tesla is slated to report first-quarter profits on Tuesday.

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Tesla cuts US prices for 3 of its electric vehicle models after a difficult week

The business stated earlier this month that its global sales declined substantially from January to March as competition grew, electric car sales growth stagnated, and previous price cuts failed to attract additional buyers.

Tesla’s quarterly sales fell year on year for the first time in nearly four years.

SOURCE – (AP)

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