Huawei Technologies reports 13.7% drop in 9-month profit

Published Thu, Oct 31, 2024 · 10:18 PM

Huawei recorded a 13.7 per cent drop in nine-month net profit to 62.9 billion yuan (S$11.7 billion) for the January-to-September period. PHOTO: REUTERS

CHINESE tech giant Huawei reported a drop in net profit despite a jump in revenue on Thursday (Oct 31) for the first nine months of the year, a statement to the Shanghai Clearing House showed.

The firm recorded a 13.7 per cent drop in nine-month net profit to 62.9 billion yuan (S$11.7 billion) for the January-to-September period, the telecoms giant and smartphone maker said in the statement.

Revenue rose to 585.9 billion yuan from 452.3 billion.

Huawei did not give an earnings breakdown for individual units, but its mainstay consumer business, which includes smartphones and PCs, as well as its smart car components unit, had performed strongly.

Huawei posted a 42 per cent surge in smartphone sales in China in the third quarter, data from researcher IDC showed last week.

Huawei reentered the 5G premium smartphone market last year with its Mate 60 series and this year with its high-end P series phones.

Apple’s Q3 China smartphone sales slip, Huawei’s soar

TSMC halted shipments to the client around mid-October after it realised semiconductors fabricated for that entity had found their way into Huawei products.

TSMC cuts off client after discovering chips diverted to Huawei

TSMC said in a statement on Monday (Oct 21) that it had proactively communicated with the Commerce Department regarding the matter. It said it had not supplied chips to Huawei since mid-September 2020.

TSMC told US of chip in Huawei device after TechInsights finding: source

The top Republican and Democrat on the House China Select Committee pointed to Chinese companies Pengxinxu, SwaySure Technology, Qingdao Si’En and “potentially many others” as likely members of Huawei’s “clandestine network”.

Huawei suppliers face US lawmaker effort to block chip gear

Millions of people have registered to purchase the Huawei's Mate XT, which boasts a never-before-seen triptych design.

Chinese get nosebleed seats in Apple-Huawei show

Nationalistic pride notwithstanding, the Mate XT’s starting price of 19,999 yuan (S$3,661) has been widely criticised as beyond the reach of ordinary consumers and insensitive at a time of sluggish economic growth when ordinary citizens are struggling with financial insecurity.

Huawei’s tri-foldable phone stirs Chinese pride but US$2,800 price tag is panned

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Its latest Pura 70 model was released earlier this year on the same day as Apple’s iPhone 16. REUTERS

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