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.

(source)

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Jiemian News interrogated the iFlytek investor relations team. When the reporter asked if Huawei would pull off its partnership with iFlytek, the firm called it a false rumor.

iFlytek stated that the collaboration with Huawei isn’t that weak to break. Both parties are indulged in a long-term and good cooperative partnership in many aspects such as smart devices, Ascend computing, HarmonyOS ecosystem, and more.

“I don’t know where you saw this information. We have maintained long-term and good cooperation with the company you mentioned (Huawei).” – said the iFlytek investor relations department.

The company further added that iFlytek has the right to reach law as well as safeguard the legitimate rights, interests, and its investors from those spreading such rumors, false information, misleading the public, or damaging a firm’s reputation.

iFlytek stock market shares (Image Credits: ITHome)

The story began when iFlytek’s stock market shares dropped unexpectedly this morning. It fell nearly to 6% at a point and then declined to 3.31%. As of now, the total stock market value has now reached 82.991 billion yuan.

The overall decline in the company’s economic performance hints that it may bear a net loss of 380 to 460 million yuan in H1 2024. For reference, iFlytek owned 73.572 million yuan profit during the same period last year.

With such lows, many investors claimed that Huawei would end its bond with iFlytek in several businesses. But things are crystal clear and don’t require more clarification.

Huawei and iFlytek have cooperated in many scenarios. Both firms jointly unveiled the first Chinese computing power platform (Feixing-1) last year in October to support the training of large models. They have also released Spark V3.5 to compete against GPT-4.

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Despite U.S. sanctions and supply chain challenges, Huawei continued to move toward success, achieving new milestones. The report highlights that the firm obtained revenue of 178.5 billion yuan, hiked by 37% YoY in the first quarter this year.

Except for the Q1 2024 net profit details, Huawei Investment Holdings didn’t mention how all its business units like smartphones, and smart car solutions performed in the first quarter. Yet the firm says it is confident to meet its annual target efficiently.

Last year’s report:

Huawei unveiled the 2023 Annual Report in February and pointed out that the results are quite in line with expectations. While the global sales revenue hit 704.2 billion yuan, the net profit appeared as 87 billion yuan, with an increase of 144.5% YoY.

Overall details signify that the company has achieved the fastest growth rate in four years – thanks to the Mate 60 series launched in August 2023. The 5G phone addition to the products gallery not only boosted the company’s reputation but also helped it to climb the top spot in China’s smartphone market.

Huawei 2023 annual report (Image Credits: Huawei)

A tough spot for Apple!

The ultimate hike in Huawei’s net profit also implies that the company continues to build obstacles for Apple in its home ground. The American tech giant is declining in the world’s biggest smartphone market even though putting its flagship on discounts.

Huawei’s net profit has surged by 564%, which gave a strong bang to its competitors like Apple in China. The significant rise is also a result of the Pura 70 series sales.

Pura 70 Series – New Beginning

The Chinese OEM has unveiled the Pura 70 series in China alongside a variety of new products. The respective premium handsets are full of tech pack capabilities such as AI tools, upgraded satellite features, and the most powerful camera segment.

Many research firm analysts predicted that the new smartphone lineup is likely to hit a shipment of 50 million units this year. No doubt, this huge number will add more growth percentage to the company’s net profit and overall sales revenue.

One of the company’s spokespersons cited:

“Digitalization, intelligence, and decarbonization helped to drive revenue growth. We are continuously building out mechanisms for global business continuity and agile operations. We are confident that we can meet our annual business targets with sustainable growth.”

Huawei Pura 70 Ultra (Image Credits: Huawei)

(Source – Reuters)

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Compared to 2022 with a net profit of 35.6 billion yuan, Huawei has earned a 144.5% YoY increment. The 2023 annual report further shows that the company has made a global sales revenue of $9 billion (704.2 billion yuan) with a 9.63% increase.

Huawei also sheds light on the R&D (research and development) part and said that the investment has reached 164.7 billion yuan with a 23.4% annual revenue. Meanwhile, the cumulative investment in R&D expenses within the past decade outstripped around 1.110 billion yuan.

Overall data in the report signify that the firm’s operating conditions are in line with expectations. The ICT infrastructure business, cloud computing, and digital energy have achieved a good enough growth rate in the past year.

Huawei 2023 annual report (Image Credits: Huawei)

Smart car solutions business is another major department that helped the company to pursue efficient growth, compared to 2022. You can check the list of figures regarding major Huawei businesses and their increase below:

• ICT infrastructure business – 362 billion yuan (2.3% YoY)
• Device business – 251.5 billion yuan (17.3% YoY)
• Cloud computing business – 55.3 billion yuan (21.9% YoY)
• Digital energy business – 52.6 billion yuan (3.5% YoY)
• Smart Car Solutions business – 4.7 billion yuan (128.1% YoY)

Huawei’s Rotating Chairman – Hu Ken says:

“We’ve been through a lot over the past few years. But through one challenge after another, we’ve managed to grow. The trust and support of our customers, partners, and friends around the world is what helped us keep going, surviving, and growing. A new journey awaits us in 2024. We will create greater value for our customers and society by driving open innovation, building thriving ecosystems, and succeeding through quality.”

You can check the entire Huawei 2023 annual report and its net profit HERE.

Huawei 2023 annual report (Image Credits: Huawei)

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