Huawei Technologies’ handset business is making an impressive comeback, according to Richard Yu, the head of the company’s consumer business. Speaking at the annual developer conference in Dongguan, he revealed that Huawei’s share of the domestic smartphone market soared by a staggering 76.1% in the second quarter. Furthermore, the company secured the second spot in the high-end sector, showcasing its determination to reclaim its market standing.
Counterpoint Research data indicates that Huawei held 11.3% of the overall China market in the second quarter, trailing five competitors led by Vivo and Apple. Despite the challenges posed by US government restrictions, Huawei remains steadfast in its efforts to rebuild its smartphone business.
Earlier this year, Huawei unveiled a series of new smartphones, dispelling rumors of any intentions to sell off its handset business. The launch included the highly anticipated foldable smartphone Mate X3 and the flagship phone P60 series. These innovations have been pivotal in sparking interest among consumers, propelling Huawei towards a positive trajectory.
At a recent product launch event in Shanghai, Yu Chengdong, CEO of Huawei’s device business group, expressed his optimism for the future, stating, “We have experienced four years of winter under sanctions. Now, the spring has come, and we are excited about the future.”
Central to Huawei’s resurgence has been its unwavering commitment to research and development. Despite the challenges of the US ban, the company has invested heavily in cutting-edge technologies. In 2022, Huawei’s R&D spending reached an impressive $23.8 billion. The company remains steadfast in its commitment to exploration and innovation as profits continue to grow.
Xiang Ligang, director-general of the Information Consumption Alliance, emphasized that since the US government’s tough restrictions were imposed on Huawei in 2019, the company has tirelessly worked to mitigate the negative impact on its revenues. Now, these efforts are evidently paying off, with Huawei on an upward trajectory and showing signs of a remarkable recovery.
While competition in the Chinese smartphone market remains fierce, Huawei’s steady ascent signifies a renewed sense of optimism within the company. As it continues to navigate the challenges of the global landscape.
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(via)
