The Chinese technology giant made a net profit of $ 7.7 billion in the first half of 2024. This is a record.
The high-tech giant Huawei has been the target of US government sanctions for some time due to suspected links to the Chinese military. However, according to data from the China Business Network (CBN), the company adapted to the sanctions with the revival of its consumer business in the first half of the year.
Huawei’s revenue in the first half of 2024 reached CNY 417.5 billion, an increase of 34.3 per cent year-on-year. The company also posted a net profit of CNY55.1 billion, up 18.2 per cent year-on-year, the best performance in its history for this period. These record figures show that the company’s record financial results were achieved in the first half of 2020 before 2024, as its business took a significant hit after the US began imposing sanctions against Huawei in mid-2020.
Huawei consists of five segments: ICT Infrastructure, Consumer Business, Cloud Computing, Digital Power, and Smart Automotive Solutions. Although Huawei does not disclose specific revenue details for each segment, last year’s report noted that the consumer business remains the primary revenue driver, but Huawei Cloud has shown the fastest growth.
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