UPDATE: Smartphone maker Huawei says profit down 28% last year
2025-03-31 08:29
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(Alliance News) - Shenzhen, China-based telecommunications company Huawei Technologies Co Ltd said on Monday that profit fell 28% in 2024 as the smartphone maker faces international economic uncertainty and weak consumption at home.
The company recorded CNY62.6 billion, or USD8.6 billion, in net profit last year, down from CNY87 billion in 2023, the company said.
Revenue rose 22% on-year – marking a third successive increase after a sharp drop in 2021 during the pandemic.
Its CNY862.1 billion in revenue was the highest since the figure surpassed CNY890 billion in 2020.
The results were "in line with forecast", the company's rotating Chair 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 Inc remains popular among Chinese consumers but has ceded ground to domestic players such as Huawei in recent years.
source: AFP
Copyright 2025 Alliance News Ltd. All Rights Reserved.
