Chinese tech giant Huawei posts over fivefold rise in Q1 profits

Net profit in the January-March period amounted to $2.7 billion, up 564 percent from the first quarter of last year.

Huawei Mobile South Africa launched the new mid-range Nova 12i and Nova 12 SE smartphones under its Nova series last week. Picture: Huaweiprofits surged over fivefold year-on-year in the first quarter of 2024, a company filing showed Tuesday, as the firm continues a rebound and bit into competitor Apple’s sales in China.

Huawei competitor Apple saw iPhone sales slump by 19 percent in the first quarter in China, Bloomberg reported, citing market research firm Counterpoint.

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