Huawei increased its net profit by 564% to 19.6 billion yuan (about $2.7 billion) in the first quarter of 2024. This financial indicator of the company has been growing for the fourth quarter in a row, Bloomberg reports.

At the same time, the giant’s sales grew by 37% to 178.5 billion yuan ($24.6 billion) during this period.

Huawei did not specify the figures for different segments. However, according to Counterpoint, the company’s smartphone shipments grew by 70% after the Mate 60 Pro with its own 7-nanometer chip was introduced last summer.

By the way, iPhone sales in China in the first quarter of this year, according to Counterpoint, decreased by 19%.

The day before, Huawei also introduced a new Pura 70 smartphone with an improved chip. According to Jefferies analyst Edison Lee, the smartphone sold out two days after the launch.

The company has also recently announced its intention to launch its HarmonyOS mobile platform worldwide.