"Huawei Technologies' net profit rose more than sixfold in the first quarter, helped by a jump in the Chinese telecommunication equipment maker's smartphone sales in China.
Net profit rose to 19.65 billion yuan, the equivalent of $2.71 billion. That was up from 2.96 billion yuan a year ago, according to figures released by the privately held company Tuesday. Revenue rose 37% to 178.45 billion yuan.
Huawei reports a handful of unaudited financial figures throughout the year and releases a more detailed audited annual report each spring. In a departure from previous quarters, Huawei didn't provide a press release accompanying the latest figures on Tuesday.
The release comes after widely tracked data from market research firm International Data Corp. last week showed that Huawei's smartphone shipments in China more than doubled in the first quarter from a year earlier, putting it alongside rival Honor as the top smartphone sellers in China, the world's largest smartphone market.
Huwei's net profit more than doubled in 2023, the company said recently in its annual report, coming as it rebuilt market share of its core businesses in consumer electronics and cloud computing, which were badly eroded by several years of U.S. sanctions that limited its access to advanced semiconductors.
The company found its footing by sourcing more chips locally, allowing it to resume sales and climb to a spot among the top five smartphone sellers in the country late in the year, helped by the launch of its 5G-capable Mate 60 series in China.
Huawei launched its Pura 70 series smartphone in April." [1]
1. Huawei Reports Profit Surge, Lifted by China Phone Sales. Huang, Jiahui. Wall Street Journal, Eastern edition; New York, N.Y.. 01 May 2024: B.4.
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