Huawei Sees 34% Revenue Surge in First Half of 2024: Resilience Amid US Sanctions and Resurgence in Chinese Smartphone Market

In 2024, Huawei experienced a 34% increase in revenue, reaching US$58.6 billion, largely due to a resurgence in smartphone sales in China. This occurred amidst the company's recovery from US sanctions.

The company reported that its total income for the first half of the year ending in June surged to 417.5 billion yuan (US$58.6 billion), seeing an increase from last year's 310.9 billion yuan for the same timeframe. The announcement was made in a report issued on Thursday. The firm's net profit margin stood at 13.2 per cent in this period, a slight decrease from the 15 per cent it recorded a year earlier.

Huawei confirmed that the outcomes align with predictions. "As we progress, our focus will be on maintaining excellence in all business activities, fine-tuning our offerings to boost business robustness, and fostering flourishing ecosystems," stated Eric Xu, the rotating chairman of Huawei.

Huawei didn't provide a comprehensive analysis of its various business sectors, unlike what it used to do in semi-annual reports. Although the company is privately owned, it chooses to regularly share crucial financial information.

The firm's customer-oriented products, such as smartphones, as well as their smart car solutions, experienced fast growth, according to a standalone announcement given to the Post. Meanwhile, the company's ICT infrastructure, cloud, and digital power ventures maintained a steady pace.