Huawei Reports Strong Revenue Growth in Q3

Huawei continued to book growth in the third quarter of 2024. The Chinese vendor posted a revenue rise of almost 16%, although net profit took a hit.

The company reported sales of CNY168.4 billion ($23.7 billion), up 15.6% year-on-year, on the back of growth in handset shipments. Research company IDC stated last week Huawei device shipments in China grew 42% in Q3, placing the company in third spot and marking four quarters of year-on-year growth.

While shipments were a bright spot, Huawei’s net profit fell 70.5% to CNY7.8 billion. The drop could be due to an outlay around manufacturing chips, as Huawei pushes to develop its own technologies due to US sanctions. The company did not break out figures in the statement for individual business units. In the opening nine months, Huawei recorded a 13.7% drop in net profit to CNY62.9 billion, while revenue rose from CNY452.3 billion to CNY585.9 billion.