Huawei recorded brisk growth in the first half of 2024, driven by the continued recovery of its consumer business and progress in its intelligent automotive unit, which recently attracted an CNY11.5 billion ($1.6 billion) investment from EV player Avatr Technology.
Net profit in the six-month period rose 17.8 per cent to CNY54.9 billion, with its net profit margin dropping to 13.2 per cent from 15 per cent. Revenue jumped 34.3 per cent to CNY417.5 billion.
In a brief earnings release, rotating chair Eric Xu simply stated its performance was in line with its forecast.
Huawei added in a separate document ICT infrastructure, cloud and digital power businesses remained steady. It noted the results didn’t disclose items related to the sale of certain businesses, revenue by business unit or R&D spending.
Both its consumer group and smart auto unit have been making news over the past few quarters.
Following the launch of the Mate 60 Pro in August 2023, the company recaptured market share in China. IDC data showed Huawei moved to second place in Q2, marginally behind leader Vivo, with an 18.1 per cent share. Shipments climbed 50 per cent year-on-year.
Last week, Avatr took a 10 per cent in Huawei’s smart automative unit Yinwang Intelligent Technology, which reportedly is valued at around CNY115 billion.
The post Huawei books surge in H1 profit, revenue appeared first on Mobile World Live.
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