(MENAFN-AFP)
Chinese technology giant Huawei said on Thursday that its revenue jumped in the first half of the year, even as the company reels from U.S. sanctions that have denied it access to U.S.-made technology.
The Shenzhen-based company has been at the center of an intense technological rivalry between Beijing and Washington for several years. US authorities warned that the company’s equipment could be used for espionage purposes on behalf of Chinese authorities – the company denies these allegations.
Since 2019, Huawei has been cut off from global supply chains for technology and US-made components due to sanctions, which at the time caused serious problems in the company’s smartphone production.
On Thursday, the company reported revenue of $58.72 billion for the January-June period, up 34.3 percent year over year. During the same period last year, growth was 3.1 percent.
Net profit was not broken down. Huawei is a private company that is not publicly traded and therefore is not subject to the same obligations as other companies to publish detailed results.
The company’s profit margin reached 13.2 percent during this period, a decline from 15 percent in the previous year, it said. No further financial details were given.
“We increased our revenue in the first half of 2024 by making the most of opportunities in digitalization, intelligence and decarbonization,” said a Huawei spokesman.
“Our consumer solutions and intelligent automotive solutions businesses grew rapidly,” they said, adding, “Our ICT infrastructure, cloud and digital energy businesses remained stable.”
Huawei remains the world’s leading supplier of 5G, the fifth generation of mobile internet, and is involved in infrastructure projects in several countries.
The company was once one of the three largest smartphone manufacturers in the world, alongside Samsung and Apple.
However, due to US sanctions, the company was forced to shift its focus to areas such as software, enterprise computing and even electric vehicles under the Aito brand.
In China, the world’s largest market, the electric vehicle sector is booming, with local brands gaining popularity there in recent years.
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