Huawei’s First Quarter Profits Surge Over Fivefold to hit 564% In 2024

It wouldn’t be wrong to mention how Chinese tech giant Huawei is trying to make the most of its leading market position amid sanctions placed on it by America.

The company just released its quarter earnings report with some amazing figures including fivefold growth in profits that hit the 564% figure in 2024.

The company seriously bit into arch-rival Apple’s Chinese sales as it tries to position itself firm amid the feud between Washington and Beijing.

For those who might not be aware, America generated warnings about how the company’s range of devices might be involved in the espionage of US citizens by Chinese government officials.

While the tech giant and leading smartphone maker have denied such reports over the years that have been stemming since the start of 2019, it’s quite clear how the firm’s access to the American market and its use of American-built components was limited that greatly impacted its smartphone production during that time.

The company which is based in Shenzhen also spoke about how it hoped to diversify into a host of other leading fields such as 5G, the world of generative AI, and even tech that’s smartly driven to save sales on the low.

Meanwhile, net profit witnessed at the start of this year saw a rise of 564%, hitting $2.7 billion in Q1 of this year alone. These were rolled out by the firm’s own stats department through is official page and confirmed by another rep regarding the company.

Moreover, during this time period, we saw revenue figures rise by 36% to hit $24 billion as displayed in the recent filing. However, the organization failed to delineate the figures of profit attained by each sector.
Last year during the summer time, we saw the organization roll out a startling new product in the form of a smartphone that featured a new chip that some claimed would be difficult to manufacture without the use of foreign tech so which had others raising eyebrows on just how effective this US sanction endeavor is.

At the same time, we saw the figure for sales of the company’s top arch-rival, iPhone maker Apple drop by 19% during Q1 this year in China. These figures come just one month after the company spoke regarding its profits hitting the double-figure last year as Huawei hoped to entail diversity in its range of devices.

The growth in revenue during Q1 was attained by making the most of digitalization and intelligence. But the industry today continues to battle with plenty of uncertainty which does make it more and more challenging for tech giants to function without fear or risk.

Whatever the case may be, Huawei feels certain that it could meet all of its ambitious business targets on a yearly basis and attain growth which would be sustained over time.

Remember, tensions arose between both state capitals and they would continue to remain at an all-time high as the world’s two biggest economies continue to lock up their horns over a range of things including trade to reach self-ruled islands that are currently a part of China.

The US has similarly spoken about how it’s now urging fellow allies in the region to follow the lead that it takes in terms of banning the tech giant’s rollout of advanced and state-of-the-art 5G tech via local telecom destinations as it feels China might be abusing that power to better take part in surveillance of chats and also control any data coming into other nations.

Image: DIW-Aigen

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