Strong demand for smartphones and AI chips ensured Huawei’s seventh consecutive quarter of revenue growth

Huawei’s revenue has shown growth for the seventh quarter in a row – the company’s smartphones continue to be in high demand in China. In the home market, the manufacturer is successfully pushing back the iPhone. In addition, Huawei has done well in the Chinese AI accelerator market.

At the end of the third quarter of 2024, Huawei’s revenue amounted to 168.4 billion yuan ($23.7 billion), which is 15.6% more than a year earlier. This conclusion was made by Bloomberg after studying the company’s financial indicators for nine months – they were published on the website of the Shanghai Clearing House. The report does not provide a breakdown by share of Huawei’s business areas. Net profit amounted to 7.79 billion yuan ($1.095 billion), a decrease of 70.5% – Bloomberg explained this result by problems with yield in chip production.

Huawei smartphone shipments grew by 42% between July and September, according to IDC data; Apple showed a decline of 0.3%, but with the release of iPhone 16 it managed to return to the top five best-selling phone brands. The Chinese electronics giant also cashed in on Beijing this year pushing local companies to use local alternatives to Nvidia’s artificial intelligence accelerators to soften the impact of U.S. sanctions.

Electric vehicles have become another successful area of ​​Huawei’s activities. The company develops software solutions for the automotive industry, including autopilot systems, and sells them to local manufacturers, including BYD. In September, Huawei Chairman Eric Xu said in an interview that the company intends to make a profit from this area by the end of this year. Its subsidiary automobile company Yinwang Smart Technology Ltd. this year increased its estimated value to 115 billion yuan ($16.16 billion), and Avatr Technology (part of Changan Auto) acquired 10% of its shares for 11.5 billion yuan ($1.62 billion).