BEIJING (FFN) – Chinese tech giant Huawei saw a significant surge in its revenue during the first half of 2024, despite facing ongoing sanctions from Washington that have deprived it of critical U.S. technologies, according to a report by AFP.
Huawei’s revenue for the six months from January to June 2024 increased by 34.3% year-over-year, reaching $58.72 billion USD (€52.82 billion EUR). By comparison, revenue in the same period last year grew by just 3.1%. The company’s profit margin, however, declined to 13.2% from 15% in the first half of 2023. As Huawei is not publicly traded, it did not disclose its net profit figures.
Headquartered in Shenzhen, Huawei has been at the center of intense technological competition between Beijing and Washington for several years. U.S. officials have warned that China could use Huawei’s equipment for espionage, an accusation the company denies. Since 2019, U.S. sanctions have cut Huawei off from global supply chains and components made in the U.S., which had a significant impact on its smartphone production at the time.
Despite these challenges, Huawei remains a leading global manufacturer of 5G network equipment and continues to participate in infrastructure projects across multiple countries. The company was once among the top three smartphone manufacturers globally, alongside Samsung and Apple.
However, the U.S. sanctions have forced Huawei to pivot toward other sectors. The company has even begun producing electric vehicles under the Aito brand.
| Indicator | H1 2023 | H1 2024 |
|---|---|---|
| Revenue (USD) | $43.73B | $58.72B |
| Revenue Growth (YoY) | 3.1% | 34.3% |
| Profit Margin (%) | 15% | 13.2% |
Key Words: Huawei, revenue, U.S. sanctions, 5G networks, smartphones, Aito, technology competition
