Huawei Technologies Co. profit growing for the fourth quarter in a row. This suggests that the Chinese technology company is taking market share from Apple Inc. and other competitors, reports Bloomberg.
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The company reported a net profit of 19.6 billion yuan ($2.7 billion) in the first quarter of 2024 year, which is 564% more than in the previous quarter. At the same time, the company's sales in the first quarter grew by 37% to 178.5 billion yuan.
Phenomenal revenue growth highlighted Huawei's resurgence, despite US sanctions.
According to research company Counterpoint, Huawei's smartphone shipments rose 70% in the first quarter after the company made a surprise comeback last year with a new 5G phone powered by a cutting-edge Chinese-made 7nm chip.
Plump in iPhone sales in China< /h3>
Counterpoint estimates that Apple's iPhone sales in China fell 19% during the first quarter.
Huawei's new flagships and AI chips
Earlier this month Huawei unveiled its new Pura 70 series of smartphones with an improved chip, demonstrating its ability to support the production of advanced semiconductors and increase pressure on Apple in its territory.
The Pura 70 series of smartphones sold out within two days of launch.
The Pura 70 series of smartphones sold out within two days of launch.
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Huawei is also making progress in AI chips with the Ascend GPU. Nvidia CEO Jensen Huang called the Chinese company a formidable opponent.
