BEIJING (Reuters) -Chinese tech giant Huawei reported a drop in net profit despite a jump in revenue on Thursday for the first nine months of the year, a statement to the Shanghai Clearing House showed. The firm recorded a 13.7% drop in nine-month net profit to 62.9 billion yuan ($8.83 billion) for the January-September period, […]
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Huawei Technologies reports 13.7% drop in 9-mth profit
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BEIJING (Reuters) -Chinese tech giant Huawei reported a drop in net profit despite a jump in revenue on Thursday for the first nine months of the year, a statement to the Shanghai Clearing House showed.
The firm recorded a 13.7% drop in nine-month net profit to 62.9 billion yuan ($8.83 billion) for the January-September period, the telecoms giant and smartphone maker said in the statement.
Revenue rose to 585.9 billion yuan from 452.3 billion.
Huawei did not give an earnings breakdown for individual units, but its mainstay consumer business, which includes smartphones and PCs, as well as its smart car components unit, had performed strongly.
Huawei posted a 42% surge in smartphone sales in China in the third quarter, data from researcher IDC showed last week.
Huawei reentered the 5G premium smartphone market last year with its Mate 60 series and this year with its high-end P series phones.
Its latest Pura 70 model was released earlier this year on the same day as Apple’s iPhone 16.
($1 = 7.1195 Chinese yuan renminbi)
(Reporting by Ethan Wang, Liz Lee and Ryan Woo; editing by David Goodman and Jason Neely)