#Huawei device unit profit surges

Huawei revealed the financials of its device business, reporting a first half profit of CNY11.2 billion ($1.58 billion) on revenue of CNY211 billion, Reuters reported.

The H1 numbers for Huawei Device were released by its parent company in a bond prospectus filed earlier this week. Huawei Investment & Holding applied to issue bonds on the open market in China for the first time. In the past the private company didn’t break down profit or revenue by division.

Profit during the period equalled the total generated in 2018, when revenue stood at CNY329 billion, Reuters wrote.

The under-fire company recorded better than expected revenue growth in H1, previously disclosing the figure grew 23% year-on-year to CNY401 billion, despite the mounting impact of the US putting it on a trade blacklist.

In August, rotating chairman Eric Xu said the outlook for its smartphone business is not as pessimistic as founder and CEO Ren Zhengfei previously forecast. Xu said the prediction was a worst-case scenario.

IDC data showed Huawei increased its market share in the second quarter as its shipments increased 8.3% to 58.7 million units in a falling global market. In China the vendor boosted its share by nearly 10 percentage points.