Huawei's quarterly profit surges as it takes China phone market share from Apple
Reuters
Huawei's quarterly profit surges as it takes China phone market share from Apple
BEIJING (Reuters) Huawei Technologies's net profit leapt 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, a regulatory filing by its parent company showed on Tuesday, as it continues to recover from U.S. sanctions.
Huawei's revenue for the quarter to March rose 37% to 178.5 billion yuan, the filing to China's National Interbank Funding Center showed. It did not break down how business units, such as consumer and smart car components, performed.
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The company's smartphone business has undergone a renaissance since it was crippled by repeated rounds of U.S. sanctions since 2019, after Huawei rolled out a new high-end smartphone powered by a domestically-made chip last year that has taken Chinese market share from Apple.
Apple's share in the world's biggest smartphone market fell to 15.7% in the first quarter from 19.7% a year earlier. That put it almost level with Huawei, which saw sales jump 70%, research firm Counterpoint said last week.
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