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Huawei Technologies Co. reported its sixth consecutive quarter of revenue growth, supported by a considerable increase in smartphone market share.
Huawei Technologies Co. reported its sixth consecutive quarter of revenue growth, bolstered by a significant increase in smartphone market share in China, largely at the expense of Apple Inc.
The Chinese networking and electronics giant posted a revenue of 239 billion yuan ($33.6 billion) in the June quarter, reflecting a 33.7% increase compared to the same period last year. This growth was calculated based on the company’s six-month financial figures.
Despite the strong revenue performance, Huawei’s implied net profit for the quarter was 35.5 billion yuan, representing an 18.6% decrease from a year ago.
This decline is attributed to one-time gains from divestments in the previous year. Huawei sold its mobile maker Honor Device Co. in 2020, and parts of its server business in 2021, with proceeds from these sales, paid out in installments.
According to market tracker IDC, Huawei’s smartphone shipments surged by 50% in the last quarter, outpacing rivals like Vivo and Xiaomi Corp. and pushing Apple down to sixth place among handset makers in China.
Apple’s sales in China fell by 6.5% during the June quarter, missing Wall Street projections, even as overall smartphone shipments in the country increased.
Anticipation is building around Huawei’s next flagship smartphone, the Mate 70, which is expected to debut later this year. Observers are particularly interested in potential processor upgrades following the Mate 60’s introduction last year with a China-made 7-nanometer chip.
This development raised concerns among U.S. policymakers, as it demonstrated China’s advancing chip technologies despite U.S.-imposed sanctions and export controls to limit such progress.
Huawei’s automotive unit provides self-driving technology to electric vehicle manufacturers and has also shown strong performance.
According to a Chinese media report, the unit generated 10 billion yuan in revenue as of early July, surpassing the combined revenue of the previous two years. However, Huawei did not provide a detailed breakdown of its sales in this sector.
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