Huawei's quarterly profit surges as it takes China phone market share from Apple

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Reuters
Huawei's quarterly profit surges as it takes China phone market share from Apple

BEIJING (Reuters) — Huawei Technologies's net profit leapt 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, a regulatory filing by its parent company showed on Tuesday, as it continues to recover from U.S. sanctions.

Huawei's revenue for the quarter to March rose 37% to 178.5 billion yuan, the filing to China's National Interbank Funding Center showed. It did not break down how business units, such as consumer and smart car components, performed.

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The company's smartphone business has undergone a renaissance since it was crippled by repeated rounds of U.S. sanctions since 2019, after Huawei rolled out a new high-end smartphone powered by a domestically-made chip last year that has taken Chinese market share from Apple.

Apple's share in the world's biggest smartphone market fell to 15.7% in the first quarter from 19.7% a year earlier. That put it almost level with Huawei, which saw sales jump 70%, research firm Counterpoint said last week.

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