Huawei reported a decline in net profit for the first nine months of 2024, despite a significant increase in revenue. The company's net profit fell by 13.7% to 62.9 billion yuan (approximately $8.83 billion), while revenue rose to 585.9 billion yuan, up from 452.3 billion yuan in the same period last year.
While Huawei did not provide detailed financials for its individual business units, its consumer division, which includes smartphones and PCs, showed strong performance. In particular, Huawei experienced a 42% increase in smartphone sales in China during the third quarter, as reported by IDC. The company has re-entered the 5G premium smartphone market, notably with its Mate 60 series launched last year and the high-end P series this year, including the recently released Pura 70, which debuted alongside Apple's iPhone 16.
The mixed financial results suggest that while revenue growth is robust, challenges may persist in maintaining profitability amid competitive pressures and market dynamics.
