Huawei net profit falls 13.7% for January-September period

Chinese tech company's revenue climbs amid strong smartphone sales

20241031 Huawei in Beijing

People walk past a Huawei flagship store in Beijing on Sept. 10. © Reuters

BEIJING (Reuters) -- Chinese tech giant Huawei Technologies reported a drop in net profit despite a jump in revenue on Thursday for the first nine months of the year, a statement to the Shanghai Clearing House showed.

The firm recorded a 13.7% drop in nine-month net profit to 62.9 billion yuan ($8.83 billion) for the January-September period, the telecoms giant and smartphone maker said in the statement.

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