Chinese telecoms gear giant Huawei said Monday its net profit fell 28% in 2024 while its revenue surged, as the company invested heavily in advanced technologies.
Huawei Technologies reported 62.6 billion yuan ($8.6 billion) in net profit last year, down from 87 billion yuan the year before. Its revenue jumped 22% to $118.2 billion, with the strongest growth in its consumer goods and automotive-related sales.
The company, based in the southern city of Shenzhen, said the decline in profit was mainly due to two factors, “We continued to increase our future-oriented investment and there were no gains from the sale of businesses.”
