Huawei has released its financial results for the first half of 2024, reporting robust growth and stable operations that align with market expectations. The company achieved a sales revenue of RMB 4,175 billion in H1 2024, marking a 34.3% increase compared to the same period last year. The net profit margin for the first half was recorded at 13.2%.
Xu Zhijun, Huawei’s rotating chairman, commented on the results:
The overall operational performance of the group is in line with our expectations. We are committed to implementing our ‘high-quality’ strategy across the entire process, continuously optimizing our industry portfolio, enhancing development resilience, and building a prosperous industrial ecosystem to provide more competitive products and solutions to our customers.
Significant Recovery in Huawei’s Financials
Huawei’s overall financial performance has significantly improved since last year.
According to Huawei’s 2023 annual report, the company generated a total sales revenue of RMB 7,042 billion, with a net profit of RMB 870 billion. This was a considerable rebound from 2022, when the company reported a revenue of RMB 6,423 billion and a net profit of RMB 356 billion.
In 2021, Huawei’s revenue was RMB 6,368 billion, with a net profit of RMB 1,137 billion.
Substantial Investment in R&D
In 2023, Huawei’s research and development (R&D) expenditure reached RMB 1,647 billion, accounting for 23.4% of its annual revenue.
Over the past decade, the company has invested more than RMB 11,100 billion in R&D. This continuous investment underscores Huawei’s commitment to innovation and maintaining its competitive edge in the global technology market.
Huawei’s strong financial results in the first half of 2024 reflect its strategic focus on high-quality growth and resilience amidst a complex global landscape.
As the company continues to navigate challenges and capitalize on opportunities, it aims to deliver value through innovation and a robust product portfolio.