Huawei Technologies saw its net profit soar by 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, according to a regulatory filing from its parent company released on Tuesday. This significant increase is part of the company’s ongoing recovery from U.S. sanctions. Additionally, Huawei’s revenue for the quarter ending in March increased by 37% to 178.5 billion yuan, as reported in the filing to China’s National Interbank Funding Center. The filing did not provide specific details on the performance of different business units, like consumer electronics or smart car components.
What Contributed to Huawei’s Growth?
A Huawei spokesperson attributed the company’s revenue growth to “digitalization, intelligence, and decarbonization.” Despite acknowledging that the industry and global markets will continue to face uncertainty throughout 2024, Huawei remains committed to enhancing its global business continuity and agile operations. The company expressed confidence in meeting its annual business targets and achieving sustainable growth.
Gizchina News of the week
Last year, Huawei experienced its quickest revenue growth in four years. This boost was largely due to a rebound in its consumer segment and increased income from new ventures like smart car components, which have accelerated its recovery from U.S. sanctions. The company’s smartphone business has seen a revival after being severely impacted by multiple rounds of U.S. sanctions starting in 2019. This resurgence came after Huawei introduced a new high-end smartphone equipped with a domestically-made chip last year. This new phone has successfully captured market share in China from competitors like Apple.
Apple Lost, Huawei Gains
Apple’s market share in the world’s largest smartphone market dropped to 15.7% in the first quarter from 19.7% a year earlier, nearly matching Huawei, which saw a 70% jump in sales, according to research firm Counterpoint. This significant increase coincides with Huawei’s release of its highly anticipated, high-end Pura 70 smartphone series this month.
Additionally, Huawei has become influential in the smart car technology sector. At least seven Chinese automakers used Huawei’s driver Assistance system at the Beijing auto show, underscoring its growing presence and capabilities in this emerging field.
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