Huawei Profits Soar, Taking a Bite Out of Apple’s China Market
Chinese tech giant Huawei reported a significant financial resurgence, with profits surging over 564% in the first quarter of 2024 compared to the same period last year. This strong performance comes as competitor Apple experiences a slump in iPhone sales within the crucial Chinese market.
Huawei, a big tech company from China, made a lot of money in the first three months of this year. Their profits went up a whopping 564%! That's a huge increase compared to last year. They earned $2.7 billion during this time.
Revenue growth in the first quarter was achieved by "seizing opportunities in digitalization, intelligence, and decarbonization", a Huawei representative said, adding: "The industry and global markets will remain rife with uncertainty for the rest of 2024".
"We are confid...