Chinese tech giant, Huawei says profits fell 28% in 2024

Chinese telecoms giant Huawei said on Monday that 2024 profits fell 28 percent as the smartphone maker faced international economic uncertainty and weak domestic consumption.

The company recorded 62.6 billion yuan ($8.6 billion) in net profit last year, down from 87 billion yuan in 2023, the company said.

Revenue rose 22 percent on-year- marking a third successive increase after a sharp drop in 2021 during the pandemic.

Its revenue of 862.1 billion yuan was the highest since the figure surpassed 890 billion yuan in 2020.

The results were “in line with forecast”, the company’s rotating chairwoman Sabrina Meng said in a statement.

Employees “banded together to tackle a wide range of external challenges”, Meng said, adding that the firm was “firmly committed to its quality goals and will keep honing quality as a competitive edge”.

Since 2019, US sanctions have cut Huawei off from global supply chains for technology and US-made components, a move that initially hammered its production of smartphones.

Last year, the company unveiled its first smartphone equipped with a fully homegrown operating system, a test of its ability to challenge the dominance of Western juggernauts.

And last year it released the world’s first triple-folding phone, launched hours after its US rival Apple lifted the curtain on its newest iPhone.

Apple remains popular among Chinese consumers but has ceded ground to domestic players such as Huawei in recent years.

AFP

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