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“Huawei’s quarterly profit surges as it takes China phone market share from Apple”

“Huawei Technologies’s net profit leapt 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, a regulatory filing by its parent company showed on Tuesday, as it continues to recover from U.S. sanctions.

Huawei’s revenue for the quarter to March rose 37% to 178.5 billion yuan, the filing to China’s National Interbank Funding Center showed. It did not break down how business units, such as consumer and smart car components, performed…”

https://finance.yahoo.com/news/huawei-technologies-first-quarter-net-105526148.html

The backstory here is China is trying to ban Apple iphones in government environments. That’s a large portion of those profits.

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