Huawei Sees Profit Jump 564%

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Huawei Technologies’ net profit rose 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, according to a regulatory statement by its parent firm. The company’s sales increased 37% to 178.5 billion yuan in the quarter ending in March. Following the release of a new high-end smartphone last year that was powered by a chip built in the country, Huawei’s smartphone business has experienced a revival since it was slowed by recurrent rounds of U.S. sanctions since 2019. In the first quarter of this year, Apple’s share of the world’s largest smartphone market dropped from 19.7% to 15.7%, nearly levelling the playing field with Huawei, whose sales increased by 70%. This month, Huawei also began offering its premium Pura 70 smartphone line.

Revenue for Huawei’s intelligent automotive solutions division increased to 4.7 billion yuan, a 128.1% increase from the previous year. Revenue from the company’s consumer division increased by 17.3% in 2023 to 251.5 billion yuan. Huawei’s largest source of income, with 362 billion yuan in revenue in 2023—a 2.3% increase from the previous year—remains ICT.

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E.F Team

Our team at Eastern Finance is made up of young and knowledgeable professionals who are here to provide you with business news from an eastern perspective.

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