CHART: Huawei Posts Highest Revenue Growth since 2020

• Huawei's smartphone sales soared by 55.2% in H1 2024, pushing total revenue to ¥417.5 billion ($58.6 billion).
• The company achieved a net profit of 54.9 billion yuan (approximately $7.7 billion), representing its highest growth since the challenges faced in 2020.
• New launches like the Mate 60 Pro and MateBook X Pro helped propel it back into the top five global smartphone rankings.

Huawei's smartphone business is soaring to new heights in 2024, with the tech giant reporting a stunning net profit in the first half of the year, fueled by booming 5G phone sales.

Despite the challenges of recent years, including a U.S. ban that severely impacted its market position, Huawei is experiencing a remarkable turnaround across several of its business units.

The numbers speak for themselves. Huawei posted its highest revenue growth since 2020, marking a significant recovery after the setbacks caused by the U.S. restrictions over security concerns. But with the winds now in its favour, the company has bounced back in a big way.

In the first half of 2024, Huawei’s net profit surged by 18%, reaching an impressive 54.9 billion yuan ($7.7 billion). The total revenue for the period hit 417.5 billion yuan ($58.6 billion), a robust 34.3% increase year-over-year, underscoring the company's resurgence.