Huawei’s Revenue Soars 30% in Nine Months Due to Smartphone Sales Surge

Over the past three quarters, the Chinese tech giant has reported a total revenue of $82.3 billion and a net profit of $8.8 billion. What does the future hold for this technological powerhouse?

Revenue Surge at Huawei

Huawei Technologies, the global leader in telecommunications equipment, has witnessed a remarkable revenue increase in the first nine months of the year, primarily driven by a surge in smartphone sales within its domestic market. The Shenzhen-based company reported a 29.5% revenue increase to 585.9 billion yuan ($82.3 billion) during the first three quarters of 2024.

Decline in Net Profit

Despite its record revenue, Huawei experienced a 13.7% decline in net profit, dropping to 62.9 billion yuan from 72.9 billion yuan in the same period in 2023. This downturn underscores the lingering impact of U.S. sanctions on the telecommunications giant.

Smartphone Division Triumphs

Huawei’s revenue growth highlights its resilience against U.S. sanctions, particularly through its success in the high-end 5G Android smartphone sector, where it has outpaced Apple for the first time in 46 months. Huawei’s domestic smartphone shipments soared by 42% year-over-year, capturing a 15.3% market share.

Future Preparations

This month, Huawei is set to launch its new flagship 5G smartphone series, the Mate 70. Additionally, the company is enhancing its smartphone software with the recent rollout of HarmonyOS 5.0, its updated mobile operating system that breaks compatibility with Google’s Android-based apps. Moreover, Huawei is accelerating its artificial intelligence chip development to provide a local alternative to Nvidia’s highly sought-after graphical processing units.