Huawei net profit jumps to $2.7 billion in Q1 2024, stealing Apple’s share in China

Huawei has revealed its Q1 2024 financial report, which shows a giant leap of 564% in net profit. The company earned around 19.65 billion yuan ($2.71 billion) YoY in the first three months of this year, raising even more challenges for Apple in China.

Despite U.S. sanctions and supply chain challenges, Huawei continued to move toward success, achieving new milestones. The report highlights that the firm obtained revenue of 178.5 billion yuan, hiked by 37% YoY in the first quarter this year.

Except for the Q1 2024 net profit details, Huawei Investment Holdings didn’t mention how all its business units like smartphones, and smart car solutions performed in the first quarter. Yet the firm says it is confident to meet its annual target efficiently.

Last year’s report:

Huawei unveiled the 2023 Annual Report in February and pointed out that the results are quite in line with expectations. While the global sales revenue hit 704.2 billion yuan, the net profit appeared as 87 billion yuan, with an increase of 144.5% YoY.

Overall details signify that the company has achieved the fastest growth rate in four years – thanks to the Mate 60 series launched in August 2023. The 5G phone addition to the products gallery not only boosted the company’s reputation but also helped it to climb the top spot in China’s smartphone market.

Huawei 2023 annual report (Image Credits: Huawei)

A tough spot for Apple!

The ultimate hike in Huawei’s net profit also implies that the company continues to build obstacles for Apple in its home ground. The American tech giant is declining in the world’s biggest smartphone market even though putting its flagship on discounts.

Huawei’s net profit has surged by 564%, which gave a strong bang to its competitors like Apple in China. The significant rise is also a result of the Pura 70 series sales.

Pura 70 Series – New Beginning

The Chinese OEM has unveiled the Pura 70 series in China alongside a variety of new products. The respective premium handsets are full of tech pack capabilities such as AI tools, upgraded satellite features, and the most powerful camera segment.

Many research firm analysts predicted that the new smartphone lineup is likely to hit a shipment of 50 million units this year. No doubt, this huge number will add more growth percentage to the company’s net profit and overall sales revenue.

One of the company’s spokespersons cited:

“Digitalization, intelligence, and decarbonization helped to drive revenue growth. We are continuously building out mechanisms for global business continuity and agile operations. We are confident that we can meet our annual business targets with sustainable growth.”

Huawei Pura 70 Ultra (Image Credits: Huawei)

(Source – Reuters)