Huawei revenue surges nearly 30% in first 9 months on back of rising smartphone sales

The Chinese tech giant posted total revenue of US$82.3 billion and net profit of US$8.8 billion in the past three quarters

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Huawei’s strong nine-month revenue reflects the continued momentum from its successful 5G smartphone comeback last year. Photo: Shutterstock

Published: 5:00pm, 1 Nov 2024

Huawei Technologies, the world’s largest telecommunications equipment vendor, saw its revenue surge in the first nine months of the year on the back of rising smartphone sales in its home market.

The Shenzhen-based company reported a 29.5 per cent jump in revenue to 585.9 billion yuan (US$82.3 billion) in the first three quarters of 2024, up from 452.3 billion yuan in the same period last year, according to a filing to the Shanghai Clearing House, the sole central clearing counterparty in China’s interbank market.

However, Huawei posted a 13.7 per cent decline in net profit to 62.9 billion yuan, down from 72.9 billion yuan in the same nine-month period in 2023.

The privately held company did not provide a breakdown on the performance of its different business segments in the filing.

A Huawei Technologies store staff demonstrates the features of the Mate X trifold smartphone to shoppers. Photo: Iris Deng

Huawei’s strong nine-month revenue reflects the continued momentum from its successful comeback last year to the premium 5G Android handset segment in the world’s biggest smartphone market, which is on track to record its first annual sales growth in five years.