Huawei Technologies’ revenue grew 3.1% on year in first half

 

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Chinese tech giant Huawei Technologies said that its first-half revenue grew by 3.1% from a year earlier to 310.9 billion yuan.

In breakdown, revenue from ICT infrastructure business, which includes 5G base stations and enterprise systems, reached 167.2 billion yuan during the period; revenue from its consumer business, which includes smartphones and other devices, reached 103.5 billion yuan; revenue from digital energy business 24.2 billion yuan, while revenue from the smart vehicle solution business 1 billion yuan.

Huawei’s profit margin rose to 15% in the first half, with a net profit of 46.6 billion yuan, according to calculations based on the company’s revenue data, around a threefold improvement on a year earlier.

Huawei said improvements in operational efficiency, sales strategy and the company’s product mix had a “very positive” impact on company profits.

“In the first half of 2023, our ICT infrastructure business remained solid and our consumer business achieved growth,” said Meng Wanzhou, Huawei’s rotating chairperson and the daughter of its founder, Ren Zhengfei.

Last week Richard Yu, the head of Huawei’s consumer business, said Huawei’s handsets are “on the road to a comeback,” with its domestic mobile market share growing 76.1% in the second quarter.

Several rounds of US restrictions on exports of U.S.-made technology limited Huawei to producing last-generation 4G handsets, causing its once sizeable handset market share to plummet both at home and abroad.