(MENAFN) Huawei Technologies, the prominent Chinese networking and electronics giant, has reported impressive growth in its quarterly profits, showcasing its resilience in the face of adversity. According to a report by Bloomberg News Agency, the company's profitability received a significant boost from its intensified competition with Apple's iPhone and its expanding cloud sector, posing a formidable challenge to Alibaba.
For the quarter ending in December, Huawei recorded net profits of approximately 13.9 billion yuan (USD1.9 billion), as per calculations by Bloomberg based on the company's financial statements. This solid performance underscores Huawei's ability to navigate through the obstacles despite facing prolonged sanctions and export restrictions imposed by the United States.
One of the key drivers behind Huawei's success is its electronics sector, which witnessed a notable growth of 17.3 percent in 2023, resulting in sales reaching 251.5 billion yuan. This growth trajectory demonstrates Huawei's adeptness in adapting to market dynamics and leveraging its strengths to maintain a competitive edge.
Despite facing regulatory hurdles and geopolitical tensions, Huawei's ability to sustain growth and profitability reflects its robust business strategy and resilience in the face of challenges. As the company continues to innovate and expand its market presence, it remains a formidable player in the global electronics and networking landscape.
MENAFN31032024000045015682ID1108040699
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.