Tech giant Huawei’s profits soared more than five times year-over-year in the first quarter of 2024, as the company continued its recovery and cut into rival Apple’s sales in China, a company filing said on Tuesday. It was revealed.
According to a financial report filed by Huawei’s holding company on its official website and confirmed by a company representative, net profit for the January-March period was $2.7 billion, an increase of 564% from the first quarter of last year.
Revenue…
Tech giant Huawei’s profits soared more than five times year-over-year in the first quarter of 2024, as the company continued its recovery and cut into rival Apple’s sales in China, a company filing said on Tuesday. It was revealed.
According to a financial report filed by Huawei’s holding company on its official website and confirmed by a company representative, net profit for the January-March period was $2.7 billion, an increase of 564% from the first quarter of last year.
Revenue also rose 36.7% year over year to $24.7 billion in the same period, according to the filing.
A breakdown of profits by division was not provided.
Bloomberg, citing market research firm Counterpoint, reported that Huawei’s rival Apple saw iPhone sales drop 19% in China in the first quarter.
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The latest financial results came a month after Huawei announced that its 2023 profits would more than double. During the year, the company continued its efforts to diversify its business operations.
As technology competition between China and the US intensifies, sanctions imposed by the US government in 2019 severely restricted Huawei’s access to US-made components.
The US government has warned that Huawei equipment could be used for espionage by the Chinese government, but the company has denied the allegations.
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A Huawei representative told AFP that the first quarter’s revenue growth was achieved by “capturing the opportunities of digitalization, intelligence, and decarbonization,” adding that “the industry and global market will continue to grow in 2024. “There will continue to be uncertainty for the remainder of the period,” he added.
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