Chinese tech giant Huawei profit surges 564%, biting into Apple sales

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1. “Tech giant Huawei’s first-quarter profits surged over fivefold year-on-year, a company filing showed Tuesday, as the US-sanctioned firm continues a rebound and bit into competitor Apple’s sales in China.

   Huawei has long found itself caught in the middle of an intense technological rivalry between Beijing and Washington, which has warned the firm’s equipment could be used for Chinese espionage operations — allegations denied by Huawei.

   The Shenzhen-based company has since responded by diversifying into other fields including 5G, artificial intelligence and smart-driving technology in a bid to rescue flagging sales.

   Net profit in the January-March period amounted to $2.7 billion, up 564 percent from the first quarter of last year, according to a results filing by Huawei’s holding company on an official website and confirmed by a representative of the firm.

   Revenue during the period also rose 36.7 percent year-on-year to reach $24.7 billion, the filing showed.