Huawei revenue up by a third in 2024 amid resurgent smartphone sales in China

Total revenue for the six months through June reached 417.5 billion yuan (US$58.6 billion), up from 310.9 billion yuan in the same period last year, the company said in a report released on Thursday. Its net profit margin was 13.2 per cent during the period, compared with 15 per cent a year ago.

Huawei said the results are in line with forecasts. “Moving forward, we’ll continue driving high quality across all business processes, optimising our portfolio to enhance business resilience, and building thriving ecosystems,” Huawei rotating chairman Eric Xu said in a statement.

Huawei did not offer a detailed breakdown of its different business segments, as it has previously done in half-year results. While the company is privately-held, it voluntarily discloses key financial data on a regular basis.

The company’s consumer devices, which includes smartphones, and smart car solutions businesses “grew rapidly”, while its ICT infrastructure, cloud, and digital power businesses remained steady, according to a separate statement provided to the Post.

The Shenzhen-based company shipped 22.2 million smartphones in the first six months in the mainland market, up 55.2 per cent from the first half of 2023, according to market research firm Canalys. That helped Huawei capture 16.1 per cent of the Chinese smartphone market in the first half of 2024, placing it among the top five for three consecutive quarters.

The company has also seen growth in its smart car component business amid rising sales of vehicles it developed in collaboration with domestic carmakers.