Huawei reported its first quarter with sales growth since the end of 2020, when the Chinese telecom giant was blacklisted in the US, taking a big hit to its business.
In particular, Huawei’s revenue in the quarter ended June was 170.6 billion yuan ($25.2 billion), showing an increase of 1%.
At the same time, however, Huawei’s quarterly net profit fell 35 percent to 9.48 billion yuan, Bloomberg estimates based on the company’s disclosure of a half-year net profit margin of 5 percent.
The Chinese giant’s net income fell mainly due to high initial costs in new business areas and the development of new technologies, according to a company representative.
Among other things, Huawei said it plans to increase investment in its auto-related business this year, with an additional 2,000 engineers from last year and $500 million in capital.
Source: Capital
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.
