Chinese tech giant Huawei posted big jumps in revenue and net profit in the first half of the year on Thursday, with strong smartphone sales and a strong showing for its smart car components business despite U.S. sanctions.
Net profit for the January-June period rose 18 percent to 54.9 billion yuan ($7.7 billion), with revenue up 34.3 percent to 417.5 billion yuan. It was the company’s highest first-half revenue since the same period in 2020, according to Reuters.
“Our core consumer businesses, which include smartphones and personal computers, as well as our smart car components unit, delivered strong performance,” a company spokesperson said.
Data from research firm Canalys shows that Huawei shipped 22.2 million smartphones in mainland China during the first half, up 55 percent from a year earlier.
Huawei returned to the premium 5G smartphone market last year with the Mate 60 series and this year with its high-end P series phones — though most of those sales are still confined to its home market.
The launch was celebrated in China as a victory over US sanctions that have blocked the company from accessing advanced American chips and other technology since 2019.
Washington sees Huawei as a national security risk — a charge the company denies. Since then, U.S. sanctions have expanded to include a ban on the export of highly advanced U.S. chips to all Chinese companies as Washington seeks to stymie the Chinese military’s technological advances.
Over the past four years, Huawei has also seen significant growth in its smart car solutions unit, which wants to become the dominant supplier of software and components for smart electric cars and has struck deals with several automakers.
Huawei’s ICT infrastructure, cloud computing and digital energy divisions posted steady performance, a Huawei spokesman said, adding that first-half profits were not boosted by sales of businesses or assets as they were in the same period last year.
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2024-08-30 01:17:26