BEIJING, April 30 — Tech giant Huawei’s first-quarter profits surged over fivefold year-on-year, a company filing showed today, as the US-sanctioned firm continues a rebound...
Visitors enter Huawei booth at the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing April 25, 2024. — Reuters picBEIJING, April 30 — Tech giant Huawei’s first-quarter profits surged over fivefold year-on-year, a company filing showed today, as the US-sanctioned firm continues a rebound and bit into competitor Apple’s sales in China.
Net profit in the January-March period amounted to US$2.7 billion , up 564 per cent from the first quarter of last year, according to a results filing by Huawei’s holding company on an official website and confirmed by a representative of the firm.Huawei is a private, unlisted company, and is therefore not subject to the same obligations as other major firms to publish detailed results.
The latest earnings report comes a month after Huawei said its profits more than doubled in 2023, a year in which the smartphone maker continued its efforts to diversify.
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