China's Huawei says profits fall 13 percent in first three quarters
by AFP Staff Writers
Beijing (AFP) Oct 31, 2024

Chinese technology giant Huawei saw its net profit fall by over 13 percent in the first three quarters of 2024 year-on-year, a company filing showed Thursday.

Huawei has for several years been at the centre of an intense tech rivalry between Beijing and Washington, with US officials warning its equipment could be used to spy on behalf of Chinese authorities -- allegations it denies.

Since 2019, US sanctions have cut Huawei off from global supply chains for technology and US-made components, a move that initially hammered its production of smartphones.

The company said in an earnings report published by the Shanghai Clearing House on Thursday that its net profit between January and September was 63.1 billion yuan ($8.9 billion).

The equivalent figure for the first nine months of last year was 72.9 billion yuan, according to the statement, representing a decline of 13.4 percent.

Huawei did not provide a quarterly breakdown and declined to give further information when contacted by AFP.

The company is not publicly listed and therefore is under no obligation to disclose its earnings.

Last month, Huawei unveiled the world's first triple-folding phone, with a hefty price tag.

The gadget went on sale on September 20 with prices beginning at an eye-watering $2,800 -- over three times more than the new iPhone 16.

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