Huawei’s Revenue Soars by 34% in 2024: Resilience Amid US Sanctions and Resurgence in Chinese Smartphone Market

The Chinese technology powerhouse, Huawei, announced a significant 34% increase in earnings to US$58.6 billion in the first half of 2024, despite American restrictions. This boost in revenue is primarily due to a revival in smartphone sales in China.

The company announced on Thursday that its total earnings for the half-year period ending in June escalated to 417.5 billion yuan (US$58.6 billion), a significant increase from last year's 310.9 billion yuan during the same timeframe. However, its net profit margin slightly fell to 13.2 per cent this year, compared to 15 per cent from the previous year.

Huawei announced that the outcomes align with their predictions. "Looking ahead, we will persist in enhancing quality throughout all business operations, refining our product range to boost business robustness, and fostering flourishing ecosystems," stated Huawei's rotating chairman, Eric Xu.

Huawei hasn't provided a comprehensive analysis of its various business sectors, something it usually does in its semi-annual reports. Although the firm is privately owned, it chooses to regularly share important financial information.

The firm's consumer products, including smartphones, and intelligent car services experienced fast growth, as per a distinct statement given to the Post. Meanwhile, its ICT framework, cloud, and digital power operations maintained a stable pace.