BEIJING: Tech giant Huawei’s profits increased over fivefold year-on-year in the first quarter of 2024, a company filing showed Tuesday, as the firm continues a rebound and bit into competitor Apple’s sales in China.
Net profit in the January-March period amounted to 2.7 billion dollars, up 564% from the first quarter of last year, according to results filed by Huawei’s holding company on an official website, AFP reported.
Revenue during the period also increased 36.7% year-on-year to reach 24.7 billion dollars, the filing showed.
Huawei competitor Apple witnessed iPhone sales slump by 19% in the first quarter in China, Bloomberg reported, citing market research firm Counterpoint.
The latest results come a month after Huawei said its profits more than doubled in 2023, a year in which the smartphone manufacturer continued efforts to diversify its business operations.
US Sanctions Restrict Huawei’s Access to American-made Components
Sanctions imposed by the US in 2019 severely restricted Huawei’s access to United States-made components, as technological competition between Beijing and Washington intensified.
Washington has warned that Huawei’s equipment could be used for espionage by Beijing, an allegation the company denies.
Revenue growth in the first quarter was achieved by seizing opportunities in intelligence, digitalization, and decarbonization, a Huawei representative said, adding that the industry and international markets will remain rife with uncertainty for the rest of 2024.