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Chinese tech giant Huawei (HWT.UL) announced impressive financial results for the first half of 2024, showcasing resilience amid ongoing U.S. sanctions. The company reported a 34.3% year-on-year revenue increase to CNY 417.5 billion ($57.5 billion), its highest first-half revenue since 2020. Net profit surged 18.2% to CNY 55.1 billion ($7.7 billion), marking the first time it exceeded CNY 50 billion for this period.

Huawei Mate 60

The company's consumer business, including smartphones and PCs, along with its Intelligent Automotive Solution unit, performed exceptionally well. According to Canalys, Huawei shipped 22.2 million smartphones in mainland China during the first half, a 55% increase from the previous year. The company’s return to the 5G premium smartphone market with the Mate 60 and high-end P series was celebrated in China as a major success despite U.S. sanctions.

Since 2019, U.S. sanctions have limited Huawei's access to advanced chips and technology, citing national security concerns, which Huawei denies. Nonetheless, the company’s Intelligent Automotive Solution business saw significant growth, with its subsidiary Shenzhen Yinwang Intelligent Technology Co Ltd reporting a tenfold revenue increase to CNY 10.43 billion and a net profit of CNY 2.231 billion.

Other divisions, including ICT infrastructure, cloud computing, and digital power, also contributed to Huawei's strong performance. This year's profits were notably achieved without the asset sales that had boosted last year's results.

Xu Zhijun (Eric Xu), Huawei's rotating chairman, noted that the group's overall performance met expectations, emphasizing a focus on high-quality strategy, industrial portfolio optimization, and resilience to deliver more competitive products and solutions.

Editor：Lulu

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