Huawei was once fighting for its survival. It is back to nearly $100 billion in revenue in 2023

Huawei said Friday that its revenue climbed 9% this year, solidifying a comeback after a tough couple of years that included being caught in the center of the US-China tech rivalry.

Huawei, the tech giant which has been a flashpoint in the escalating rivalry between Washington and Beijing, says it is “back on track” with a strong 2023. The Shenzhen-based conglomerate said Friday it expects to bring in more than 700 billion yuan ($99 billion) in revenue in 2023, partly off a stronger than expected performance in its electronics business. That is a 9% jump from the 642.3 billion yuan ($92.4 billion) recorded in 2022. It is, however, still below the approximate $123 billion Huawei logged in 2019. “After years of hard work, we’ve managed to weather the storm. And now we’re pretty much back on track,” Huawei’s rotating chairman, Ken Hu, said in a year-end message to employees. The strong performance comes after the launch of Huawei’s Mate 60 Pro smartphone in August, which had shocked industry experts who didn’t understand how the company would have the technology to make such an advanced device following sweeping efforts by the United States to restrict China’s access to foreign chips. The smartphone has been eagerly embraced by consumers, and has allowed Huawei to snatch market share away from Apple (AAPL) in China, according to Counterpoint Research.