Huawei’s Profit Soars in Q1 Thanks to Strong Mate 60 Series Sales
The response from Chinese consumers to the Huawei Mate 60 series, featuring the first 5G-enabled chipset since the Mate 40 line in 2020, was nothing short of phenomenal. This unexpected success led to a significant surge in Huawei’s earnings during the first quarter of this year. Despite facing challenges from U.S. sanctions, Huawei reported a staggering 564% year-over-year increase in profits.
According to Reuters, Huawei recorded profits of 19.65 billion yuan ($2.71 billion) on revenue of 178.5 billion yuan ($24.7 billion) for the first three months of the year. This marked a notable 37% growth compared to Q1 of 2023. A Huawei spokesperson attributed this revenue boost to “digitalization, intelligence, and decarbonization.”
Looking ahead, the spokesperson acknowledged that uncertainties persist in the industry and global markets for the remainder of 2024. However, Huawei remains focused on enhancing global business continuity and operational agility while striving to achieve sustainable growth and meet annual business targets.
Key Points:
– The Kirin 9000s SoC used in the Mate 60 series surprised many by defying U.S. export restrictions on cutting-edge chips supporting 5G.
– The Pura 70 Ultra is Huawei’s latest flagship handset that showcases its technological prowess.
– Despite challenges with export rules and limited access to advanced chip manufacturing technology, Huawei continues to innovate and excel in China’s competitive smartphone market.
Huawei’s resurgence in China comes at a time when Apple is facing increasing competition, with iPhone market share declining from 19.7% in Q1 of 2023 to 15.7% in the first quarter of this year.
As Huawei navigates through challenging times with resilience and innovation, its success story serves as a testament to its unwavering commitment to delivering cutting-edge technology amidst adversity.
Stay tuned for more updates on Huawei’s latest developments and innovations as it continues to make waves in the telecommunications industry!
