Huawei Profit Surges as It Takes Share From Apple and Alibaba
- Consumer and cloud divisions powered sales growth in 2023
- Automotive segment, while still small, more than doubled
Pedestrians pass a large advertisement for Huawei phones in Shanghai.
Photographer: Qilai Shen/BloombergHuawei Technologies Co. sustained its run of strong quarterly profit growth, building on the resurgence of its consumer business against Apple Inc.’s iPhone and the rise of its cloud division against incumbent Alibaba Group Holding Ltd.
The Chinese networking and electronics leader reported net profit of about 13.9 billion yuan ($1.9 billion) in the December quarter, based on Bloomberg calculations from its financial figures. That’s more than 65% higher than the 8.4 billion yuan tally a year earlier.