The company published the Q3 2024 financial report. It shows Huawei’s overall sales and profit journey over the past nine months. While the tech giant has scored well in the sales section, it has significantly dropped in net profit this time.

Huawei sales jumped 16% (YoY) to $23.7 billion (168.4 billion yuan) in September 2024. The total revenue in the first three quarters is 585.9 billion yuan.

Last year, the company made a sales revenue of 452.3 billion yuan, in the same period. This time, Huawei grew by 29.5% achieving big success in sales.

Although the company’s net profit has slightly declined compared to 2023. Huawei has posted a drop of 13.7% in 9-month net profit. The tech giant has earned 62.87 billion yuan ($8.83 billion) in the first three quarters of 2024. Whereas, last year’s profit was 72.89 billion yuan ($10.23 billion).

The company shared its financial report via the Shanghai Clearing House website. It hasn’t revealed the breakdown of its sales hike or net profit drop. Yet the figure shows that Huawei has to work more to fight against its rivals in the market.

Huawei reports sales jump of 16% in first three quarters this year (Image Credits: Bloomberg)

A recent report by IDC highlighted a 42% shipment growth of Huawei’s smartphones. Meanwhile, the demand for Ascend AI chips is gradually increasing in China as an alternative to Nvidia processors. The tech maker is also expanding its smart car solution business with advanced techs and more partners.

These seem some of the reasons behind Huawei sales growth of 16% in the first three quarters. Speaking of R&D investment, the company has raised the R&D expenses to 127.412 billion yuan. It is a year-on-year increase of 10.80% and accounts for 21.75% of the revenue. The only lag is net profit with a 13.2% margin.

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A new report by RUNTO Technology reveals the growth of the Chinese wearable market in Q3 2024. It listed the top five rankers and their progress in this report.

Inputs highlight that Huawei has topped the Chinese wearable market in Q3 2024. The company achieved 30.9% of the market share, 10% more than Apple.

The tech giant sold around 2.083 million units in the first three quarters of this year. The figure has ultimately increased the company’s year-on-year sales revenue by 23.5% and made it sit at the top of the Chinese smartwatch market.

Huawei has unveiled dynamic wearables this year alongside new color variants. Watch GT 5 series is the latest example and comes with the all-new TruSense system.

It is also the first to feature the HarmonyOS 5.0 software and smarter functionalities than its predecessors. These points helped the respective wearable models to grab consumers’ attention and support in the Chinese smartwatch market.

Q3 2024 Chinese wearable market report (Image Credits: MyDrivers)

Other competitors

Apple ranked second with 20.9% of the market share. But it has fallen by 29.4% YoY in online sales. Xiaomi grabbed the third position with a huge annual growth rate of 108.3%. It owns 10.3% of the Chinese wearable market in Q3 2024.

Honor and Vivo appear in the fourth and fifth places respectively. The former holds a 3.2% market share whereas the latter has a 2.2% market share. Vivo has progressed by 207.9% YoY in smartwatch sales in the third quarter of this year.

Note that most of the sales have been made on the traditional e-commerce channels. In Q3 2024, the Chinese wearable market shipped 30.181 million units (an increase of 22.6% YoY) and earned a sales revenue of 17.34 billion yuan (a hike of 2.5% YoY).

The shipment figure is expected to increase up to 43 million units by the end of this year.

Huawei Watch GT 5 Series (Image Credits: Huawei/X)

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The Chinese smartphone market report by Canalys shows that Huawei has sold 10.8 million units in Q3 2024. It obtained the second spot with a 16% market share.

Last year (same period), the company shipped 8.7 million smartphone units, capturing 13% of the market share. This time, Huawei earned a hike of 2.1 million units.

These achievements ultimately raised the company’s annual growth rate by 24%. According to the report, Huawei’s overall progress has been driven mainly by an active channel strategy to support its newly launched flagship products.

Canalys further notes that the world’s first triple foldable – Mate XT has also contributed to the company’s smartphone sales revenue. The tri-fold resulted in huge excitement among consumers for the upcoming Mate 70 lineup.

One of the Canalys Research Analysts – Lucas Zhong says:

“Huawei’s Mate XT Ultimate, released in September, sparked discussions about tri-fold, driving attention to its coming Mate series.”

Lucas adds that Huawei, Honor, and other Chinese tech makers have now entered the AI phase with smarter features. These additions aim to enhance user experiences.

Q3 2024 Chinese smartphone market report (Image Credits: Canalys)

Apart from Huawei, vivo remains at the top with a shipment of 13 million units. Honor ranked third and sold 10.3 million phones but declined from the last year’s figure. Xiaomi is in fourth place and sold 10.2 million units, achieving a 15% market share.

Apple is standing in fifth position with 10 million unit shipments and has obtained 14% of the market share. But the annual progress dropped by 6%. Good news is iPhone 16 series is performing well in the Chinese market despite AI-less features.

The overall Chinese smartphone market in Q3 2024 has sold 69.1 million units, an increase of 4% YoY. The respective sector is in its most active period of the year and may show new increments in the next quarter of 2024.

Q3 2024 Chinese smartphone market report (Image Credits: Canalys)

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The supply chain states that Huawei is planning to increase the production of certain Mate 70 series parts by 50% over the Mate 60 smartphones in the same period.

It’s unclear what parts will get the stock increment next month. However, some key components could be camera lenses, fingerprint sensors, and display panels.

Inputs hint this move will come into action by next month, probably after the company decides the launch date for its new lineup. According to the previous revelations, Huawei could surprisingly unveil the Mate 70 series around November 20.

Huawei seemingly wants to avoid the tight supply situation that occurred for the Mate 60 smartphones. The surprising launch of the series led to robust sales. Although the company was unable to fulfill the sales demand on time.

It even extended the time for refilling the stock by 1-3 months which kept consumers waiting for a long while. Perhaps, the Chinese phone maker doesn’t want to face the same difficulties with the upcoming flagship lineup.

Huawei to increase Mate 70 series parts production by 50% over Mate 60 (Image Credits: Huawei)

Mate 70 series will likely launch next month. The smartphones are said to equip mostly with China-made parts rather than foreign ones. This time, the number of Chinese components could be more than the Huawei Pura 70 handsets.

The new lineup will introduce both small and large screen panels. Small ones could show up with the standard models while the large displays may appear with the high-end variants. But a part that is highly in discussion is the fingerprint sensor.

Huawei could use a new type of fingerprint scanner for its Mate 70 series. A recent input said that the company may adopt a side-mounted ultrasonic fingerprint sensor for the standard Mate 70. Yet, how far this news is accurate will be known at the launch time.

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Counterpoint released the Q3 2024 Chinese smartphone listing today with an increment of 2.3% YoY. The top 3 rankers in this report are Vivo, Huawei, and Xiaomi.

Huawei ranked second in the Q3 2024 Chinese smartphone report, thanks to the Pura 70 and Mate 60 series. Counterpoint notes that the company has a strong foothold in the market. With constant determination, the firm achieved 30% YoY growth.

The report further states that the Pura 70 and Mate 60 series eventually contributed the most to Huawei’s sales this time. Launched last year, the Mate 60 Pro is still an in-demand product among consumers for its amazing features.

Pura 70 series on the flip side, is a major attraction point in the market. Its trendy design, camera capabilities, AI features, the Kirin 9010 5G chip, and satellite functions have boosted its shipment to 6.5 million units in just six months.

The popularity of both the lineups reflects Huawei’s strong presence in the Chinese premium smartphone segment. The company holds 16.4% of the market share and sits at the second position with an increase of 29.7% in the annual growth rate.

As per a previous report, Pura 70 and Mate 60 series also helped Huawei to outpace Apple in the Chinese smartphone market for the third quarter of this year.

Q3 2024 Chinese smartphone market ranking report (Image Credits: Counterpoint)

Huawei even reduced prices of the Pura 70 and Mate 60 series following the Mate 70 series launch preparations. The devices are available at a low cost under the Double 11 sale event as well as the VMall.

Other Rankers

Speaking of other rankers, Vivo is currently leading in the Chinese market with a 10.1% YoY growth and 19.2% market share. Xiaomi took the third spot with a progress rate of 13.4%. The credit goes to the Redmi K series and Mi smartphones.

Honor and OPPO grabbed fourth and fifth positions respectively with a significant downfall. Meanwhile, Apple is standing in the sixth spot with a 2.6% decline in growth rate. Although the company is expected to rise soon in the Chinese market.

Counterpoint adds that more than 70% of the iPhone 16 series sales came from the Pro and Pro Max models, as of October 8. This trend could lead to a boost in the company’s revenue in the time ahead.

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IDC recently released the Q3 2024 Chinese smartphone market report. It’s an analysis of how tech vendors performed in sales for the third quarter of this year.

Speaking of the top three rankers of the market in Q3, Vivo grabbed first place whereas the iPhone maker and Huawei ranked second and third respectively.

Apple has been edged out from the top 5 Chinese phone listing last time. But somehow, it has entered the space again. That could be due to the iPhone 16 series glowtime. Despite a comeback, the company faced a 0.3% decline in sales.

Huawei on the flip side, continued to roar in smartphone sales and surpass Apple in China. The company occupies 15.3% of the market share while its shipment progress has increased by 42.%. It is ahead of Apple sales in the third quarter, this year.

Regardless of a spot ahead, Apple is suffering in the Chinese smartphone market. Why so? Well, here are the reasons that summarize the fall of the iPhone maker.

1. Huawei Pura 70 series: A creative invention!

The flagship lineup launched in April this year. The name itself created a huge buzz among consumers as they were expecting the “P-70”. Another amazing part is the camera design. Unlike the P60, the Pura 70 adopted a new triangular lens framework.

Retractable lens of Pura 70 Ultra gives a Pro photographer-like feel to users. Also, the satellite image-sending capability increased the excitement of the Pura 70 series to a whole new level.

• Huawei Pura 70 series shipments crossed 6.5 million units

Although the years-ago design of the iPhone continues without any major changes. iPhone 16 appears as an exception with some sweet color options.

Huawei Pura 70 Ultra (Image Credits: Huawei)

2. Mate 60 series, still in demand

Huawei Mate 60 series was launched last year but still has the same craze as at the release time. The Pro variant continues to rule the Chinese smartphone market for its significant features, Kirin 9000s chipset, and satellite calling capability.

3. China is supporting Huawei

Of course, the home ground is now having back of Huawei. Many Chinese firms prohibited the use of iPhones on the premises, following government norms. The aim is to use the least U.S. products as they continue to impose strict sanctions on the country.

Apart from Huawei, other competitors like Honor, Xiaomi, and Vivo are trying to stop Apple from gaining a foothold in the Chinese smartphone ground.

These reasons are probably affecting Apple iPhone’s sales in China. It’s not like Apple isn’t doing good. Many Chinese consumers still prefer iPhones rather than any other handset. Yet, the company has to make more effort to achieve success in China.

Standard Apple iPhone 16 (Image Credits: Apple)

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DirectorShiGuan states that the Huawei Mate 70 series may launch around November 20. It may come after the Double 11 sales event, which is currently live in China.

The tipster further adds that Huawei will also unveil the Mate X6 foldable phone at the same time. The company might not keep much gap between the Mate 70 and the new folding phone’s launch, this year.

The latest input is in line with the previous revelation. Huawei has already said to launch Mate 70 in fourth quarter. We may witness the new lineup next month.

Just like last year, Huawei may unveil the Mate 70 series under the Pioneer Program. In August 2023, Huawei surprised its consumers with the Mate 60 Pro. The secretive release was quite different from the usual grand events for flagship devices.

Such a unique unveiling without any promotion, led to the staggering sales of the Mate 60 series. Huawei again opted for the same strategy for the Pura 70 models and the results are well-known. The device shipments reached 6.5 million units.

It seems the Mate 70 series will not be an exception to this launching procedure. The new smartphones may join the Pioneer Program, enabling customers to purchase the retail device in advance. The exact details will be known in the coming days.

Huawei Mate 70 series expected to launch by November 20 (Image Credits: DirectorShiGuan/Weibo)

The tipster states that Mate 70 is much better than its predecessor. The tech giant has significantly improved the new series in almost every aspect.

Whether it’s camera, AI features, design, fingerprint sensor, screen, chip, or anything else. The new models will have better and cutting-edge techs over Mate 60.

For the camera system, the company is testing OmniVision OV50H (maybe for the standard), and an OV50K lens for the Pro or high-end variants.

Another major treatment will be HarmonyOS NEXT. Huawei Mate 70 will come with the HarmonyOS NEXT goodness out of the box. It may unlock more interesting features and capabilities, enhancing the overall user experience.

But…

• Will the Huawei Mate 70 series make a global debut? 

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According to Reuters, Huawei is aiming to increase its consumer base in South Africa for Cloud business. The OEM has been serving in the country since 2019.

Over time, it has attracted big operators and became the first global vendor to build a hyperscale cloud data center. 1000+ customers from financial services, education, telecoms, and government joined the Huawei Cloud ecosystem in South Africa.

In a recent Cloud Summit in Johannesburg, the President of Huawei Cloud Global Marketing and Sales Service – Jacqueline Shi said that the firm has well grown in the past five years. Now it aims to expand its market share to a greater extent.

Jacqueline Shi mentioned:

“With this kind of strong support from different customers, our cloud business in South Africa has increased more than 16 times over the past five years.”

Apart from the previous success, Shi added that the total revenue is still not so big. Thus, the company’s goal is to introduce more new and useful cloud solutions in the country, that can result in a larger share of the country’s cloud market.

Huawei’s cloud services are steadily becoming a major opponent for firms like Microsoft, Amazon, Google, and others in South Africa. With constant efforts, the company will increase its shares in the cloud market in the upcoming years.

Analysts reveal that South Africa will progress at a compound rate of 26% till 2028 to $6 billion. During this period, Huawei could attain more success for its Cloud business in the country.

Huawei expects rapid cloud business growth in South Africa (Image Credits: Huawei)

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IDC report shows that Huawei surpassed Apple in the Chinese smartphone sales ranking for Q3 2024. The analysis also counts some other tech giants with their progress and falls in the Chinese consumer market for the third quarter of this year.

Apple and Huawei made their way into the top five rankers list. The former grabbed second spot whereas the latter ranked third. Despite a rank ahead, Apple’s yearly iPhone sales dropped to 0.3%, achieving 15.6% of the market share in Q3 2023.

Huawei achieved third place in Q3 2024 with a market share of 15.3%. It’s just 0.3% less than that of Apple and increased by 4.3% from the last year (same period).

Regarding progress, the company excelled in the Q3 2024 Chinese phone sales ranking with 42.0% YoY. It’s the largest figure among all the top 5 rankers. This is the fourth consecutive quarter that Huawei continued to progress with double-digit sales.

Huawei’s growth over Apple is the result of booming sales of the Mate 60 and Pura 70 series. Both flagship lineups have been shining like stars in the Chinese smartphone market since their launch. You can check Pura 70 shipment details HERE.

Q3 2024 Chinese smartphone sales report (Image Credits: IDC)

On the flip side, the Chinese authorities and firms constantly prohibited the use of iPhones in the country. This step affected the sales of the iPhone in the market.

Apple unveiled iPhone 16 models in September but the shine of this series also faded, following Huawei’s tri-fold phone. It looks like the Chinese OEM continues creating problems for the iPhone maker in every possible way it can.

Speaking of other rankers, Vivo caught the first place with 18.6% market share and 21.5% YoY growth. Xiaomi is in fourth place with a 14.8% market share and 12.8% YoY progress. Honor is last with 14.6% shares but a lag of 22.5% YoY annual growth.

Together, these rankers boosted Chinese smartphone shipments by 3.2% YoY (68.8 million units in the third quarter of this year). Arthur Guo, the senior research analyst at IDC China says:

“A significant wave of device upgrades is propelling the sustained recovery of the Chinese smartphone market. Despite ongoing challenges, consumers are highly motivated to purchase new smartphones after three years of pent-up demand.”

Q3 2024 Chinese smartphone sales report (Image Credits: IDC)

|| Source – IDC ||

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Wall Street Journal reports that the Huawei Pura 70 series shipments have crossed 6.5 million units. The OEM launched the respective lineup in April this year, bringing it to global markets in May. On both sides, the devices performed well in sales.

Huawei has expected to ship 10 million units of Pura 70 models this year. Based on the current revelations, it seems the Chinese tech giant could achieve the shipment goal by the end of 2024, marking a new milestone in the smartphone market.

The Pura 70 smartphones have been giving a tough bang to Apple iPhones in China. It significantly affected the iPhone 15 series sales in the Chinese smartphone market due to its impressive camera design, high-end features, and Kirin 5G chip.

During the HarmonyOS NEXT launch event, Huawei announced that the Pura 70 series sales in the first three quarters increased by 154%. This rise has eventually boosted the company’s flagship smartphone shipment by 71% year-on-year.

Huawei Pura 70 series shipments crossed 6.5 million units (Image Credits: MyDrivers)

Huawei Consumer Business Group Chairman – Yu Chengdong says that the Pura 70 series shipment has upgraded the level of the company in the competition.

Despite U.S. sanctions, the tech giant continued to adopt advanced techs and features for its devices. Kirin 9010 5G for Pura 70 Ultra is the best example of this scenario. It uproots on 7nm process but offers optimized performance over previous chips.

The company is also ditching foreign components to a significant extent, supporting its native suppliers. A teardown reveals that Pura 70 series has more China-made parts than the Mate 60 smartphones and other previous-gen handsets.

Huawei is pacing slowly but steadily in the smartphone race. After the Pura 70 series, consumers have locked their eyes on the Mate 70. It would be worth seeing what major changes the next lineup will bring to boost Huawei’s sales revenue.

Huawei Pura 70 Ultra (Image Credits: Huawei/X)

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