Huawei's official financial reports

Huawei's First-Half Revenue Rises 34.3%, Profit Up 18% Despite U.S. Sanctions

Aug 29, 2024, 10:04 AM

Chinese technology giant Huawei reported a significant increase in its first-half 2024 earnings, driven by robust smartphone sales and a thriving smart car components business. The company announced a 34.3% year-over-year rise in sales revenue, reaching 417.5 billion yuan (approximately $58.7 billion), marking its highest first-half revenue since 2020. Despite facing U.S. sanctions, Huawei's net profit rose by 18% to 54.9 billion yuan ($7.7 billion). The company has experienced revenue growth for six consecutive quarters, with its smartphones gaining market share in China, partly at Apple's expense. Huawei's net profit margin was reported at 13.2%. In the second quarter, revenue increased by 33.7% year-over-year to approximately $33.6 billion, although net profit decreased by 18.6% year-over-year to about $5 billion.