On Friday, China's Huawei Technologies released its annual report revealing that its cloud services were the fastest growing established segment.
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Revenue for the cloud computing unit rose 21.9 percent year-on-year to 55.3 billion yuan ($7.6 billion) in FY23 – less than a sixth of the revenue of the company's ICT infrastructure business, which grew just 2.3 percent.
The report [PDF] reveals that cloudy growth was outpaced by the tech giant's intelligent vehicle solutions unit more than five times over. However, such expansion can be expected for a nascent segment like Huawei's automotive technology business.
And while the growth was significant in percentage terms for Huawei Cloud, it still accounts for less than eight percent of the group's total revenue. The overall business reported a 9.6 percent rise in full-year revenue to 704.2 billion yuan ($97.3 billion).
