Chinese tech giant Huawei profit surges 564%, biting into Apple sales

BEIJING: Tech giant Huawei's first-quarter profits surged over five-fold year-on-year, a company filing showed Tuesday , as the US-sanctioned firm continues a rebound and bit into competitor Apple's sales in China.

The Shenzhen-based company has since responded by diversifying into other fields including 5G, artificial intelligence and smart-driving technology in a bid to rescue flagging sales. In an apparent snub to Washington, the Mate 60's August 2023 announcement coincided with a visit to China by Gina Raimondo, head of the US Department of Commerce which was responsible for the sanctions.

Revenue growth in the first quarter was achieved by"seizing opportunities in digitalisation, intelligence, and decarbonisation", a Huawei representative told AFP, adding:"The industry and global markets will remain rife with uncertainty for the rest of 2024."

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