Huawei Technologies Co expects its revenue to hit 700 billion yuan ($99.1 billion) in 2023, after the company made a strong comeback in its smartphone business with the Mate 60 series phone and saw positive results in diversifying its revenue streams.

This would mark a 9 percent year-on-year increase for the full year from 642.3 billion yuan in 2022, marking how Huawei has managed to emerge from the prolonged US government restrictions over the past four years.

Huawei's rotating chairman Hu Houkun said on Friday that "after years of hard work, we've managed to weather the storm. And now we're pretty much back on track."

"Our information communications technology infrastructure business (including base stations) has remained solid, and results from our device business (including smartphones) surpassed expectations. Both our digital power and cloud businesses are growing steadily, and our intelligent automotive solutions have become significantly more competitive," Hu added.

According to Hu, hard work has enabled the company to survive and grow, but Huawei still have serious challenges ahead of it. "Geopolitical and economic uncertainties abound, while technology restrictions and trade barriers continue to have an impact on the world. Together, these forces are reshaping business models and the global value chain."

"No matter what changes we see in the external environment, we firmly believe that digital, intelligent and low-carbon transformation will continue to be the predominant development trend around the world. We need to maintain a strategic focus, fully leveraging the collective strengths of our business portfolio, our ability to innovate, and our grasp on complicated hardware and software platforms," Hu added.