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Huawei is on a roll with a 65% increase in Profits Year-over-Year as they put pressure on Apple's Premium Smartphones and Tablets


Apple rival Huawei Technologies Co. reported a significant increase in its quarterly profit, showcasing a strong performance amidst competitive pressures and geopolitical challenges. The company's net profit for the December quarter reached approximately 13.9 billion yuan ($1.9 billion), marking a more than 65% increase from the 8.4 billion yuan reported a year earlier. This growth is attributed to the resurgence of Huawei's consumer business, particularly against Apple Inc.'s iPhone, and the expansion of its cloud division, challenging the dominance of Alibaba Group Holding Ltd. in the sector.

Sales in consumer electronics rose by 17.3%, with its Mate 60 smartphone challenging Apple.

A Bloomberg report added that "While Huawei hasn’t gone as far as Xiaomi Corp., which this week launched its first own-brand EVs, the Shenzhen company’s making progress in providing technology for the automotive sector. That business grew by 128% in 2023, and Huawei has been showing off Aito vehicles in its stores in China.

Huawei’s resurgence coincides with growing pressure on Apple from the Chinese government, which is increasingly mandating or encouraging the use of homegrown devices and technology across different industries and sectors — including state enterprises. The rise of the Mate 60 (running a 7nm processor) has also fired up local consumer enthusiasm for local brands.

Apple's iPhone shipments in China fell about 33% in February from a year earlier, according to official data, extending a slump in demand for the flagship device in its most important overseas market."

Huawei's dramatic rise also occurred with tablets in 2023 with a 65% rise in shipments. In Q4-23 specifically, Apple reportedly lost to Huawei by a hair (within a margin of error), according to IDC China. And with their new 13.2-inch OLED based tablet releasing in early Q1-24, it wouldn't be surprising to see them overtake Apple's iPad this quarter, as Apple's new iPads have been delayed until May.

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