The Shenzhen-based company reported net profit of 19.6 billion yuan ($2.7 billion) in the March quarter, up 564%, according to a filing from Huawei’s holding company posted to the website of the National Interbank Funding Center in China.
Sales in the first quarter rose 37% to 178.5 billion yuan. The company did not provide a sales breakdown for various business segments in its filing.
The phenomenal growth in earnings underscored Huawei’s resurgence in spite of US sanctions. The company’s smartphone shipments surged 70% in the first quarter, according to research firm Counterpoint, after the company made an unexpected comeback last year with a new 5G phone powered by an advanced made-in-China 7-nanometer chip despite US sanctions.
As a stark contrast, Apple’s iPhone sales in China fell 19% during the March quarter, Counterpoint estimated...Read More
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