Coin Press - Chinese tech giant Huawei posts 34.3% rise in first-half sales

The Shenzhen-based company has for several years been at the centre of an intense technological rivalry between Beijing and Washington, with US officials warning its equipment could be used to spy on behalf of Chinese authorities -- allegations it denies.

Since 2019, the sanctions have cut Huawei off from global supply chains for technology and US-made components, hammering its production of smartphones at the time.

On Thursday it posted sales of $58.72 billion in January-June, an on-year increase of 34.3 percent. That compares with 3.1 percent growth in the same period last year.

It did not break down net profit. Huawei is a private company that is not publicly traded and is therefore not subject to the same obligations as other companies to publish detailed results.

The firm's profit margin reached 13.2 percent in the period, down from 15 percent a year earlier, it said. It did not provide other financial details.

"We grew our revenue in the first half of 2024 by making the most of opportunities in digitalization, intelligence, and decarbonization," a Huawei spokesperson said.

"Our consumer and intelligent automotive solution businesses grew rapidly," they said, adding "our ICT infrastructure, cloud, and digital power businesses remained steady."

Huawei remains the world's leading equipment manufacturer for 5G, the fifth generation of mobile internet, and has been involved in infrastructure projects in several countries.

It was once among the world's top three smartphone makers, alongside Samsung and Apple.

But US sanctions have forced it to refocus on sectors such as software, enterprise computing, and even electric vehicles with the Aito brand.

The electric vehicle sector is booming in China, the world's largest market, where local brands have risen in popularity in recent years.

Y.Ibrahim--CPN